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Bullion

Keywords

Anti-Money Laundering, Combating the financing of Terrorism, AML/CFT, Combating the Financing of Terrorism, Financial technology, Financial inclusion, FinTech, Nigeria, Sub-Saharan Africa

Abstract

Financial Technology is becoming paramount in all financial institutions, being utilized in helping companies manage most of their financial operations efficiently through the use of software and specialized algorithms. The future of finance will shine brightest when it provides standard and valuable services to the society, however this will come with its own merits and demerits. I have prepared this report to carry out a detailed discussion on the impact that the AML/CFT controls have on FinTech and the financial inclusion initiative in sub-Saharan Africa. The AML/CFT controls can be applied more effectively in the formal systems for banking and financial service provisioning. Sub-Saharan Africa being among the developing countries is on the process of taking conscious measures aimed at developing regulations that can ensure greater AML/CFT controls on the financial technology-based service providing organizations as well. However, these controls should continue to evolve to stay relevant and to address the obstacles in the way of greater financial inclusion for this region

Author Bio

David Nkang Odu is a staff of the Governor's Department, Central Bank of Nigeria

Publication Title

Bullion

Issue

4

Volume

44

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