Relevance of Fintech Regulatory Commission for Prohibition of Illicit Financial Flows in Nigeria

Relevance of Fintech Regulatory Commission for Prohibition of Illicit Financial Flows in Nigeria | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Relevance of Fintech Regulatory Commission for Prohibition of Illicit Financial Flows in Nigeria Olasunkanmi Olusogo Olagunju This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7942072/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract Regulation of fintech activities in Nigeria has dominated recent macroeconomic policy conferences and seminars. Nigeria’s Fintech sector lacks an independent regulatory authority that allows institutional monitoring and tracking of tax evasion and drug dealing. Consequently, this article intends to evaluate why fintech regulatory commission is relevant for prohibiting illicit financial flows in Nigeria. It is adopting quantitative method to collect primary data from 200 employees of Access Bank, Zenith Bank, Polaris Bank and Wema Bank and 200 employees of Opay, Moniepoint, Paystack, and Interswitch. This article will show that 27 employees concur that fintech regulatory commission can help for prohibiting IFFs in Nigeria. It will conclude that fintech regulatory commission is relevant for prohibiting IFFs in Nigeria. Development Economics Other Economics Other Public Policy Fintech Regulation IFFs Commission Money Fraud Introduction Regulation of fintech activities in Nigeria has dominated recent macroeconomic policy conferences and seminars. Recent macroprudential debates in Nigeria had focused on institutional arrangements for mitigating the systemic risks of illicit financial flows (IFFs) and money laundering. Past authors (Japinye, 2025; Agbakwuru, 2025; Nwosu et al., 2022; Etim, 2024) explained how weak regulatory framework is worsening the chronic challenges of corruption and terrorist financing across Nigeria’s borders. Nigeria’s Fintech sector lacks an independent regulatory authority to conduct institutional monitoring and tracking of tax evasion and drug dealing. Ogu et al. (2025) advised Federal Government of Nigeria (FGN) to create an independent regulatory framework to empower Fintech Companies to mitigate money launders, transfer price manipulators, and trade misinvoicing. Nigerian government needs to establish an institutional agency empowered with responsibilities of ensuring that fintech service providers operate according to global best practices. An independent fintech regulator is expected to provide suitable ecosystems for Nigeria’s fintech firms to monitor and prohibit networks of arms dealers, illicit traders and crime financiers. Research Objectives (ROs) This research intends to: Evaluate why fintech regulatory commission is relevant for prohibiting illicit financial flows in Nigeria. Examine the benefits of fintech regulatory commission for mitigating money laundering in Nigeria. Analyse why fintech regulatory commission is necessary for tracking terrorist financing in Nigeria. Research Questions (RQs) Why is fintech regulatory commission relevant for prohibiting illicit financial flows in Nigeria? What are the benefits of fintech regulatory commission for mitigating money laundering in Nigeria? Why is fintech regulatory commission necessary for tracking terrorist financing in Nigeria? Literature Review Nigeria’s fintech industry plays macroeconomic roles such as job creation, financial stability and economic growth (Agbakwuru, 2025; Oni et al., 2025; Whisker and Lokanan, 2019; Akartuna et al., 2023). Absence of independent regulatory authority for Nigeria’s fintech industry is complicating and worsening the systemic risks and vulnerabilities encountered by fintech investors in Nigeria. Thematic review of Nwosu et al. (2022) showed that an independent regulatory institution is needed to coordinate, regulate and supervise business activities of fintech service providers in Nigeria. Fintech regulatory commission can encourage fintech companies to comply with Anti-Money Laundering laws in their operational and business activities. Without a strong regulatory control, it might be difficult for fintech operators to report illicit financial activities such as drug peddling and terrorist financing (Oni et al., 2025; Odu, 2020). National policies to prohibit money laundering in Nigeria’s financial sector can be achieved by establishing an independent fintech regulator. Previous studies showed that weak institutional environment can negatively affect profitability, sustainability and financial stability of Nigeria’s fintech industry (Usman et al., 2025; Odu, 2020; Sultan et al., 2025). Fintech services in Nigeria can contribute to anti-corruption strategies of FGN if they are regulated and licensed by an independent regulatory institution. Invariably, this study will build on institutional theory to explain why fintech regulatory commission is expected to facilitate regulatory ecosystem to mitigate and prohibit illicit financial flows and money laundering in Nigeria. Research Methods This research is adopting quantitative method to collect primary data from 200 employees of Access Bank, Zenith Bank, Polaris Bank and Wema Bank and 200 employees of Opay, Moniepoint, Paystack, and Interswitch. Notably, 400 digital questionnaires will be transmitted through their verified Facebook, Instagram, and LinkedIn platforms (Ogu et al., 2025 ). The 400 participants are expected to fill and submit online survey which contains 10 research questions. By adopting deductive approach, this study will analyse their responses using SPSS Version 26 to obtain descriptive and inferential results without contravening any ethical standards. Result and Discussion This research analyses the pilot results of 39 online questionnaires retrieved from 40 employees randomly chosen from Access Bank and Moniepoint. Their responses are used to quantitatively validate five (5) research questions. Table 1: Analysis of Responses SN Questions SA A D SD 1 Fintech regulatory commission is relevant for prohibiting IFFs in Nigeria? 15 12 9 3 2 Fintech regulatory commission has benefits for mitigating money laundering in Nigeria? 19 11 5 4 3 Fintech regulatory commission is necessary for tracking terrorist financing in Nigeria? 18 12 5 4 4 Fintech regulatory commission can encourage the non-bank financial intermediaries in Nigeria to enjoy financial stability? 9 22 4 4 5 Fintech regulatory commission will safeguard Nigeria’s fintech industry from systemic risks associated with IFFs and money laundering? 14 10 6 9 Source: Field Result (2025) Question 1 shows that 38.5% strongly agree, 30.8% agree, 23.1% disagree, and 7.7% strongly disagree. It denotes that fintech regulatory commission is relevant for prohibiting IFFs in Nigeria. Question 2 shows that 48.7% strongly agree, 28.2% agree, 12.8% disagree, and 10.3% strongly disagree. It shows that fintech regulatory commission has benefits for mitigating money laundering in Nigeria. Question 3 shows that 46.2% strongly agree, 30.8% agree, 12.8% disagree, and 10.3% strongly disagree. It denotes that fintech regulatory commission is necessary for tracking terrorist financing in Nigeria. Question 4 shows that 23.1% strongly agree, 56.4% agree, 10.3% disagree, and 10.3% strongly disagree. It shows that fintech regulatory commission can encourage the non-bank financial intermediaries in Nigeria to enjoy financial stability. Question 5 shows that 35.9% strongly agree, 25.6% agree, 15.4% disagree, and 23.1% strongly disagree. It unveils that fintech regulatory commission will safeguard Nigeria’s fintech industry from systemic risks associated with IFFs and money laundering. Test of Hypothesis Table 2: Test of Correlation Fintech Regulatory Commission Prohibition of IFFs Fintech Regulatory Commission Pearson Correlation 1 .704 ** Sig. (2-tailed) .000 N 39 39 Prohibition of IFFs Pearson Correlation .704 ** 1 Sig. (2-tailed) .000 N 39 39 **Correlation is significant at the 0.01 level (2-tailed). Source: Field Result (2025) The Pearson Correlation Coefficient of 0.704 greater than 0.000 significance level (P 0.704>0.01) indicates that fintech regulatory commission is relevant for prohibiting IFFs in Nigeria. This denotes a strong positive relationship between Fintech Regulatory Commission and prohibition of IFFs in Nigeria. Discussion of Findings This research shows that 27 employees concur that fintech regulatory commission is relevant for prohibiting IFFs in Nigeria. It shows that 30 employees agree that fintech regulatory commission has benefits for mitigating money laundering in Nigeria. However, this research shows that 30 employees concur that fintech regulatory commission is necessary for tracking terrorist financing in Nigeria. It uncovers that 31 employees are confident that fintech regulatory commission can encourage non-bank financial intermediaries in Nigeria to enjoy financial stability. The research agrees with Japinye ( 2025 ), Usman et al. ( 2025 ), Etim ( 2024 ) and Akartuna et al. ( 2023 ) that fintech regulatory commission will safeguard Nigeria’s fintech industry from systemic risks associated with IFFs and money laundering. Conclusion This research will conclude that fintech regulatory commission can help prohibit IFFs in Nigeria. It will conclude that fintech regulatory commission has benefits for mitigating money laundering in Nigeria. This research will conclude that fintech regulatory commission is necessary for tracking terrorist financing in Nigeria. It will conclude that fintech regulatory commission can encourage the non-bank financial intermediaries in Nigeria to enjoy financial stability. This research will conclude that fintech regulatory commission will safeguard Nigeria’s fintech industry from systemic risks of IFFs and money laundering. It will recommend support for the Nigerian Fintech Regulatory Commission Bill currently sponsored in the National Assembly. Declarations Consent Statement I strongly affirm that primary data collected or used in this study are based on informed consent of all participants. Owing to personal relationship with a few of them, it was easy and seamless to obtain informed consent from the participants. Most of them are familiar with objectives of this research. They voluntarily consent to participate without financial inducement, but on assurance that this study will ensure strict confidentiality and anonymity. This study ensures that classified information about personal lives of the participants are not requested and the results will not castigate corporate image of their organisations. References Agbakwuru, J. (2025). Porous borders, systemic corruption, arms smuggling pose challenges to Fintech – Nextier experts. Vanguard News. https://www.vanguardngr.com/2025/03/porous-borders-systemic-corruption-arms-smuggling-pose-challenges-to-fintech-nextier-experts/ Akartuna, E. A., Johnson, S. D., & Thornton, A. E. (2023). The money laundering and terrorist financing risks of new and disruptive technologies: A futures-oriented scoping review. Security Journal, 36 , 615–650. https://doi.org/10.1057/s41284-022-00356-z Etim, E. (2024). CBN, fintechs and money laundering . BusinessDay. https://businessday.ng/opinion/article/cbn-fintechs-and-money-laundering/#google_vignette Japinye, A. O. (2025 ). Can fintech outsmart financial criminals in the digital age?. BusinessDay. https://businessday.ng/opinion/article/can-fintech-outsmart-financial-criminals-in-the-digital-age/ Nwosu, C. P., Oji-Okoro, I., & Anih, O. D. (2022). Fintech evolution and development in Nigeria: Lessons from other jurisdictions. Central Bank of Nigeria Occasional Paper, 76, v-viii. https://www.cbn.gov.ng/Out/2023/RSD/OCCASIONAL%20PAPER%20NO%2076%20-%20Fintech%20Evolution%20and%20Development%20in%20Nigeria.pdf Odu, D. N. (2020). Impact of AML/CFT regulations on digital disruptions (FinTech) and financial inclusion in Sub-Saharan Africa. Bullion, 4 (4)(2), 18-23. https://dc.cbn.gov.ng/bullion/vol44/iss4/2 Ogu, L., George, I. O., Antai, G. O., Ismaila, H., & Ekpenisi, C. (2025). Comparative analysis of the legal and policy framework for financial technology in Nigeria and selected jurisdictions. NIU Journal of Legal Studies, 11 (1), 115-128. https://doi.org/10.58709/niujls.v11i1.2143 Oni, O., Japinye, A. O., Ifarajimi, G. D., & Olubowale, F. O. (2025). Regulating fintech for financial stability in Nigeria: Balancing cybersecurity risks and financial inclusion. African Journal of Economic and Business Research, 4 (2). https://journals.hu.edu.et/hu-journals/index.php/ajebr/article/view/1478 Sultan, N., Mohamed, N., Chisunga, D., & Akhbar Satar, A. (2025). The correlation of Financial Action Task Force recommendations: The perception of compliance officers concerning the deployment of third parties and Fintech for customer due diligence. Journal of Money Laundering Control, 28 (2), 292–314. https://doi.org/10.1108/JMLC-08-2024-0135 Usman, N., Griffiths, M., & Alam, A. (2025). FinTech and money laundering: moderating effect of financial regulations and financial literacy. Digital Policy, Regulation and Governance, 27 (3), 301-326. https://doi.org/10.1108/DPRG-04-2024-0068 Whisker, J., & Lokanan, M. E. (2019). Anti-money laundering and counter-terrorist financing threats posed by mobile money. Journal of Money Laundering Control, 22 (1), 158-172. https://doi.org/10.1108/JMLC-10-2017-0061. Additional Declarations The authors declare no competing interests. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. 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Recent macroprudential debates in Nigeria had focused on institutional arrangements for mitigating the systemic risks of illicit financial flows (IFFs) and money laundering. Past authors (Japinye, 2025; Agbakwuru, 2025; Nwosu et al., 2022; Etim, 2024) explained how weak regulatory framework is worsening the chronic challenges of corruption and terrorist financing across Nigeria\u0026rsquo;s borders. Nigeria\u0026rsquo;s Fintech sector lacks an independent regulatory authority to conduct institutional monitoring and tracking of tax evasion and drug dealing.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eOgu et al. (2025) advised Federal Government of Nigeria (FGN) to create an independent regulatory framework to empower Fintech Companies to mitigate money launders, transfer price manipulators, and trade misinvoicing. Nigerian government needs to establish an institutional agency empowered with responsibilities of ensuring that fintech service providers operate according to global best practices. An independent fintech regulator is expected to provide suitable ecosystems for Nigeria\u0026rsquo;s fintech firms to monitor and prohibit networks of arms dealers, illicit traders and crime financiers.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eResearch Objectives (ROs)\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis research intends to:\u003c/p\u003e\n\u003col\u003e\n \u003cli\u003eEvaluate why fintech regulatory commission is relevant for prohibiting illicit financial flows in Nigeria.\u003c/li\u003e\n \u003cli\u003eExamine the benefits of fintech regulatory commission for mitigating money laundering in Nigeria.\u003c/li\u003e\n \u003cli\u003eAnalyse why fintech regulatory commission is necessary for tracking terrorist financing in Nigeria.\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003e\u003cstrong\u003eResearch Questions (RQs)\u003c/strong\u003e\u003c/p\u003e\n\u003col\u003e\n \u003cli\u003eWhy is fintech regulatory commission relevant for prohibiting illicit financial flows in Nigeria?\u003c/li\u003e\n \u003cli\u003eWhat are the benefits of fintech regulatory commission for mitigating money laundering in Nigeria?\u003c/li\u003e\n \u003cli\u003eWhy is fintech regulatory commission necessary for tracking terrorist financing in Nigeria?\u003c/li\u003e\n\u003c/ol\u003e"},{"header":"Literature Review","content":"\u003cp\u003eNigeria\u0026rsquo;s fintech industry plays macroeconomic roles such as job creation, financial stability and economic growth (Agbakwuru, 2025; Oni et al., 2025; Whisker and Lokanan, 2019; Akartuna et al., 2023). Absence of independent regulatory authority for Nigeria\u0026rsquo;s fintech industry is complicating and worsening the systemic risks and vulnerabilities encountered by fintech investors in Nigeria. Thematic review of Nwosu et al. (2022) showed that an independent regulatory institution is needed to coordinate, regulate and supervise business activities of fintech service providers in Nigeria.\u003c/p\u003e\n\u003cp\u003eFintech regulatory commission can encourage fintech companies to comply with Anti-Money Laundering laws in their operational and business activities. Without a strong regulatory control, it might be difficult for fintech operators to report illicit financial activities such as drug peddling and terrorist financing (Oni et al., 2025; Odu, 2020). National policies to prohibit money laundering in Nigeria\u0026rsquo;s financial sector can be achieved by establishing an independent fintech regulator.\u003c/p\u003e\n\u003cp\u003ePrevious studies showed that weak institutional environment can negatively affect profitability, sustainability and financial stability of Nigeria\u0026rsquo;s fintech industry (Usman et al., 2025; Odu, 2020; Sultan et al., 2025). Fintech services in Nigeria can contribute to anti-corruption strategies of FGN if they are regulated and licensed by an independent regulatory institution. Invariably, this study will build on institutional theory to explain why fintech regulatory commission is expected to facilitate regulatory ecosystem to mitigate and prohibit illicit financial flows and money laundering in Nigeria.\u003c/p\u003e"},{"header":"Research Methods","content":"\u003cp\u003eThis research is adopting quantitative method to collect primary data from 200 employees of Access Bank, Zenith Bank, Polaris Bank and Wema Bank and 200 employees of Opay, Moniepoint, Paystack, and Interswitch. Notably, 400 digital questionnaires will be transmitted through their verified Facebook, Instagram, and LinkedIn platforms (Ogu et al., \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2025\u003c/span\u003e). The 400 participants are expected to fill and submit online survey which contains 10 research questions. By adopting deductive approach, this study will analyse their responses using SPSS Version 26 to obtain descriptive and inferential results without contravening any ethical standards.\u003c/p\u003e"},{"header":"Result and Discussion","content":"\u003cp\u003eThis research analyses the pilot results of 39 online questionnaires retrieved from 40 employees randomly chosen from Access Bank and Moniepoint. Their responses are used to quantitatively validate five (5) research questions.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 1: Analysis of Responses\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv align=\"\"\u003e\n \u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"644\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 54px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSN\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 191px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eQuestions\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 81px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eD\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSD\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 54px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e1\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 191px;\"\u003e\n \u003cp\u003eFintech regulatory commission is relevant for prohibiting IFFs in Nigeria?\u003c/p\u003e\u0026nbsp;\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 81px;\"\u003e\n \u003cp\u003e15\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e12\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e9\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e3\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 54px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e2\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 191px;\"\u003e\n \u003cp\u003eFintech regulatory commission has benefits for mitigating money laundering in Nigeria?\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 81px;\"\u003e\n \u003cp\u003e19\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e11\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 54px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e3\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 191px;\"\u003e\n \u003cp\u003eFintech regulatory commission is necessary for tracking terrorist financing in Nigeria?\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 81px;\"\u003e\n \u003cp\u003e18\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e12\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 54px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e4\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 191px;\"\u003e\n \u003cp\u003eFintech regulatory commission can encourage the non-bank financial intermediaries in Nigeria to enjoy financial stability?\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 81px;\"\u003e\n \u003cp\u003e9\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e22\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 54px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e5\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 191px;\"\u003e\n \u003cp\u003eFintech regulatory commission will safeguard Nigeria\u0026rsquo;s fintech industry from systemic risks associated with IFFs and money laundering?\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 81px;\"\u003e\n \u003cp\u003e14\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 105px;\"\u003e\n \u003cp\u003e6\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e9\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003e\u003cstrong\u003eSource: Field Result (2025)\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eQuestion 1 shows that 38.5% strongly agree, 30.8% agree, 23.1% disagree, and 7.7% strongly disagree. It denotes that fintech regulatory commission is relevant for prohibiting IFFs in Nigeria. Question 2 shows that 48.7% strongly agree, 28.2% agree, 12.8% disagree, and 10.3% strongly disagree. It shows that fintech regulatory commission has benefits for mitigating money laundering in Nigeria. Question 3 shows that 46.2% strongly agree, 30.8% agree, 12.8% disagree, and 10.3% strongly disagree. It denotes that fintech regulatory commission is necessary for tracking terrorist financing in Nigeria.\u003c/p\u003e\n\u003cp\u003eQuestion 4 shows that 23.1% strongly agree, 56.4% agree, 10.3% disagree, and 10.3% strongly disagree. It shows that fintech regulatory commission can encourage the non-bank financial intermediaries in Nigeria to enjoy financial stability. Question 5 shows that 35.9% strongly agree, 25.6% agree, 15.4% disagree, and 23.1% strongly disagree. It unveils that fintech regulatory commission will safeguard Nigeria\u0026rsquo;s fintech industry from systemic risks associated with IFFs and money laundering. \u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTest of Hypothesis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 2: Test of Correlation\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv align=\"\"\u003e\n \u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\" width=\"633\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"2\" valign=\"bottom\" style=\"width: 386px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 125px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFintech Regulatory Commission\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 123px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eProhibition of IFFs\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 208px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFintech Regulatory Commission\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 178px;\"\u003e\n \u003cp\u003ePearson Correlation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 125px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 123px;\"\u003e\n \u003cp\u003e.704\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 178px;\"\u003e\n \u003cp\u003eSig. (2-tailed)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 123px;\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 178px;\"\u003e\n \u003cp\u003eN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 125px;\"\u003e\n \u003cp\u003e39\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 123px;\"\u003e\n \u003cp\u003e39\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 208px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eProhibition of IFFs\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 178px;\"\u003e\n \u003cp\u003ePearson Correlation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 125px;\"\u003e\n \u003cp\u003e.704\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 123px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 178px;\"\u003e\n \u003cp\u003eSig. (2-tailed)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 125px;\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 178px;\"\u003e\n \u003cp\u003eN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 125px;\"\u003e\n \u003cp\u003e39\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 123px;\"\u003e\n \u003cp\u003e39\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"4\" valign=\"top\" style=\"width: 633px;\"\u003e\n \u003cp\u003e**Correlation is significant at the 0.01 level (2-tailed).\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003e\u003cstrong\u003eSource: Field Result (2025)\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe Pearson Correlation Coefficient of 0.704 greater than 0.000 significance level (P 0.704\u0026gt;0.01) indicates that fintech regulatory commission is relevant for prohibiting IFFs in Nigeria. This denotes a strong positive relationship between Fintech Regulatory Commission and prohibition of IFFs in Nigeria.\u003c/p\u003e"},{"header":"Discussion of Findings","content":"\u003cp\u003eThis research shows that 27 employees concur that fintech regulatory commission is relevant for prohibiting IFFs in Nigeria. It shows that 30 employees agree that fintech regulatory commission has benefits for mitigating money laundering in Nigeria. However, this research shows that 30 employees concur that fintech regulatory commission is necessary for tracking terrorist financing in Nigeria.\u003c/p\u003e\u003cp\u003eIt uncovers that 31 employees are confident that fintech regulatory commission can encourage non-bank financial intermediaries in Nigeria to enjoy financial stability. The research agrees with Japinye (\u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2025\u003c/span\u003e), Usman et al. (\u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2025\u003c/span\u003e), Etim (\u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2024\u003c/span\u003e) and Akartuna et al. (\u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) that fintech regulatory commission will safeguard Nigeria\u0026rsquo;s fintech industry from systemic risks associated with IFFs and money laundering.\u003c/p\u003e"},{"header":"Conclusion","content":"\u003cp\u003eThis research will conclude that fintech regulatory commission can help prohibit IFFs in Nigeria. It will conclude that fintech regulatory commission has benefits for mitigating money laundering in Nigeria. This research will conclude that fintech regulatory commission is necessary for tracking terrorist financing in Nigeria. It will conclude that fintech regulatory commission can encourage the non-bank financial intermediaries in Nigeria to enjoy financial stability. This research will conclude that fintech regulatory commission will safeguard Nigeria\u0026rsquo;s fintech industry from systemic risks of IFFs and money laundering. It will recommend support for the Nigerian Fintech Regulatory Commission Bill currently sponsored in the National Assembly.\u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003e\u003cspan\u003eConsent Statement I strongly affirm that primary data collected or used in this study are based on informed consent of all participants. Owing to personal relationship with a few of them, it was easy and seamless to obtain informed consent from the participants. Most of them are familiar with objectives of this research. They voluntarily consent to participate without financial inducement, but on assurance that this study will ensure strict confidentiality and anonymity. This study ensures that classified information about personal lives of the participants are not requested and the results will not castigate corporate image of their organisations.\u003c/span\u003e\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n\u003cli\u003eAgbakwuru, J. (2025). \u003cem\u003ePorous borders, systemic corruption, arms smuggling pose challenges to Fintech \u0026ndash; Nextier experts.\u003c/em\u003e Vanguard News. https://www.vanguardngr.com/2025/03/porous-borders-systemic-corruption-arms-smuggling-pose-challenges-to-fintech-nextier-experts/\u003c/li\u003e\n\u003cli\u003eAkartuna, E. A., Johnson, S. D., \u0026amp; Thornton, A. E. (2023). The money laundering and terrorist financing risks of new and disruptive technologies: A futures-oriented scoping review. \u003cem\u003eSecurity Journal, 36\u003c/em\u003e, 615\u0026ndash;650. https://doi.org/10.1057/s41284-022-00356-z\u003c/li\u003e\n\u003cli\u003eEtim, E. (2024). \u003cem\u003eCBN, fintechs and money laundering\u003c/em\u003e. BusinessDay. https://businessday.ng/opinion/article/cbn-fintechs-and-money-laundering/#google_vignette\u003c/li\u003e\n\u003cli\u003eJapinye, A. O. (2025\u003cem\u003e). Can fintech outsmart financial criminals in the digital age?.\u003c/em\u003e BusinessDay. https://businessday.ng/opinion/article/can-fintech-outsmart-financial-criminals-in-the-digital-age/\u003c/li\u003e\n\u003cli\u003eNwosu, C. P., Oji-Okoro, I., \u0026amp; Anih, O. D. (2022). \u003cem\u003eFintech evolution and development in Nigeria: Lessons from other jurisdictions. \u003c/em\u003eCentral Bank of Nigeria Occasional Paper, 76, v-viii. https://www.cbn.gov.ng/Out/2023/RSD/OCCASIONAL%20PAPER%20NO%2076%20-%20Fintech%20Evolution%20and%20Development%20in%20Nigeria.pdf\u003c/li\u003e\n\u003cli\u003eOdu, D. N. (2020). Impact of AML/CFT regulations on digital disruptions (FinTech) and financial inclusion in Sub-Saharan Africa. \u003cem\u003eBullion, 4\u003c/em\u003e(4)(2), 18-23. https://dc.cbn.gov.ng/bullion/vol44/iss4/2\u003c/li\u003e\n\u003cli\u003eOgu, L., George, I. O., Antai, G. O., Ismaila, H., \u0026amp; Ekpenisi, C. (2025). Comparative analysis of the legal and policy framework for financial technology in Nigeria and selected jurisdictions. \u003cem\u003eNIU Journal of Legal Studies, 11\u003c/em\u003e(1), 115-128. https://doi.org/10.58709/niujls.v11i1.2143\u003c/li\u003e\n\u003cli\u003eOni, O., Japinye, A. O., Ifarajimi, G. D., \u0026amp; Olubowale, F. O. (2025). Regulating fintech for financial stability in Nigeria: Balancing cybersecurity risks and financial inclusion. \u003cem\u003eAfrican Journal of Economic and Business Research, 4\u003c/em\u003e(2). https://journals.hu.edu.et/hu-journals/index.php/ajebr/article/view/1478\u003c/li\u003e\n\u003cli\u003eSultan, N., Mohamed, N., Chisunga, D., \u0026amp; Akhbar Satar, A. (2025). The correlation of Financial Action Task Force recommendations: The perception of compliance officers concerning the deployment of third parties and Fintech for customer due diligence. \u003cem\u003eJournal of Money Laundering Control, 28\u003c/em\u003e(2), 292\u0026ndash;314. https://doi.org/10.1108/JMLC-08-2024-0135\u003c/li\u003e\n\u003cli\u003eUsman, N., Griffiths, M., \u0026amp; Alam, A. (2025). FinTech and money laundering: moderating effect of financial regulations and financial literacy. \u003cem\u003eDigital Policy, Regulation and Governance, 27\u003c/em\u003e(3), 301-326. https://doi.org/10.1108/DPRG-04-2024-0068\u003c/li\u003e\n\u003cli\u003eWhisker, J., \u0026amp; Lokanan, M. E. (2019). Anti-money laundering and counter-terrorist financing threats posed by mobile money. \u003cem\u003eJournal of Money Laundering Control, 22\u003c/em\u003e(1), 158-172. https://doi.org/10.1108/JMLC-10-2017-0061.\u003c/li\u003e\n\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"University of Lagos","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Fintech, Regulation, IFFs, Commission, Money, Fraud","lastPublishedDoi":"10.21203/rs.3.rs-7942072/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-7942072/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eRegulation of fintech activities in Nigeria has dominated recent macroeconomic policy conferences and seminars. Nigeria’s Fintech sector lacks an independent regulatory authority that allows institutional monitoring and tracking of tax evasion and drug dealing. Consequently, this article intends to evaluate why fintech regulatory commission is relevant for prohibiting illicit financial flows in Nigeria. It \u0026nbsp;is adopting quantitative method to collect primary data from 200 employees of Access Bank, Zenith Bank, Polaris Bank and Wema Bank and 200 employees of Opay, Moniepoint, Paystack, and Interswitch. This article will show that 27 employees concur that fintech regulatory commission can help for prohibiting IFFs in Nigeria. It \u0026nbsp;will conclude that fintech regulatory commission is relevant for prohibiting IFFs in Nigeria.\u003c/p\u003e","manuscriptTitle":"Relevance of Fintech Regulatory Commission for Prohibition of Illicit Financial Flows in Nigeria","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-10-29 06:54:29","doi":"10.21203/rs.3.rs-7942072/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"dd5bb9f4-63f7-4104-9603-1024dd23550b","owner":[],"postedDate":"October 29th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[{"id":56842573,"name":"Development Economics"},{"id":56842574,"name":"Other Economics"},{"id":56842575,"name":"Other Public Policy"}],"tags":[],"updatedAt":"2025-10-29T06:54:29+00:00","versionOfRecord":[],"versionCreatedAt":"2025-10-29 06:54:29","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-7942072","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-7942072","identity":"rs-7942072","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}