Nigeria, like many other nations, is currently undergoing a transformative digital financial revolution that holds immense promise for financial inclusion and economic growth. However, with this surge in digital financial services comes an escalating need for robust security measures to safeguard against illicit financial activities. In this rapidly evolving landscape, the role of financial risk management becomes pivotal, serving as a linchpin in identifying, assessing, and mitigating risks to maintain the integrity of Nigeria’s digital financial services.
The growth of digital financial services in Nigeria has been nothing short of remarkable, offering unprecedented access to financial resources for its diverse population. The convenience and accessibility of these services, however, have inadvertently attracted the attention of illicit actors eager to exploit vulnerabilities within the system. The resulting challenges, including fraud, money laundering, and cyber threats, underscore the imperative of adopting a comprehensive risk management approach.
One of the primary concerns in the realm of illicit financial activities is money…
