Precious Ekezie is the MD/CEO of Airvend Payment Services Limited, a leading FinTech company offering innovative payment solution services in Nigeria. A digital transformation expert and tech entrepreneur. With a strong background in project management, digital currency, and workplace collaboration, he is passionate about leveraging technology to create value for customers, staff, and stakeholders. In this interview, he speaks on his journey in the FinTech space and the future of digital payments in Nigeria.
Fintech companies, particularly those within the digital payment ecosystem, face a complex and rapidly evolving regulatory environment, which often presents a challenge to business operations. To effectively navigate the evolving complexities of anti-money laundering (AML) regulations, fintech firms should adopt several key strategies.
To begin with, embracing third-party RegTech is crucial. By leveraging regulatory technology, fintech firms can ensure real-time monitoring, transaction analysis, and automated reporting, all of which help maintain compliance and mitigate risks. RegTech tools are able to flag suspicious behaviour more effectively than traditional rule-based systems, allowing companies to focus on business operations while staying compliant.
In addition, fintech firms should implement risk-based customer due diligence, allowing for more tailored and effective assessments of potential risks associated with customers. A tiered KYC (Know Your Customer) process should also be adopted to ensure appropriate levels of scrutiny based on the risk profile of the customer.
Another important strategy is to actively monitor regulatory changes to stay updated with new rules and requirements. Establishing audit trails and reporting mechanisms is essential for transparency and accountability. Compliance should also be embedded into the company’s culture, ensuring that every team member understands its importance and adheres to best practices.
Finally, fintech firms should ensure they align with global standards to maintain a strong position within the international regulatory framework, fostering trust with regulators, partners, and customers alike.
Emerging technologies such as AI and blockchain are significantly reshaping the entire tech ecosystem, and their impact is particularly profound in the African fintech space. These technologies are redefining leadership roles by creating a demand for new skills, adaptive strategies, and a future-focused mindset among African tech leaders.
Leaders now face the challenge of bridging the gap between deep technology and human-centred financial inclusion, ensuring that innovation serves the broader population. There is also a growing need for leaders to be data-literate, as data becomes central to decision-making and strategy development in fintech.
Moreover, fintech leaders must now be capable of building teams that can seamlessly integrate machine learning into business models, leveraging AI to drive operational efficiencies and enhance service delivery. Another key shift is the need for leaders to reshape customer engagement strategies, where automation is becoming a core tool to deliver personalised experiences at scale, meeting the evolving demands of today’s digital consumers.
