After regulatory actions in April, several fintech companies have been actively hiring compliance and fraud monitoring analysts from both banks and competitors. This move is aimed at strengthening their compliance and fraud prevention teams.
One of the companies has expanded its team significantly, hiring professionals from other key players in the industry. Another company has bolstered its legal team, while another has recruited a senior manager with extensive banking experience.
These recent hires represent a shift in the industry’s approach towards compliance, emphasizing the importance of stringent Know Your Customer (KYC) protocols following regulatory directives.
With a focus on regulatory compliance and customer protection, these fintech companies have collectively hired around thirty compliance staff to enhance their monitoring and customer management practices.
It’s not just about meeting regulatory requirements; investors are also interested in ensuring compliance to avoid any regulatory issues.
The impact of this compliance-focused approach on reducing fraud and satisfying regulators remains to be seen. However, the trend suggests that compliance officers are becoming essential hires in Nigeria’s fintech sector.