As part of its Kuda for Her campaign for this year’s Women’s Month, Kuda Microfinance Bank (MFB) is inviting Lagos-based women entrepreneurs in the food and hospitality sector to pitch their businesses for a chance to receive ₦1 million in funding.

Kuda MFB

The Kuda for Her Pitch Challenge, which launched on March 10, 2026, will award ₦1 million each to four women-led businesses, giving them capital to scale.

According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS), women own about 43% of micro and small enterprises in Nigeria, many of which are in the food, catering, and hospitality sectors. Yet, women entrepreneurs continue to face barriers to growth, particularly in accessing capital, with only about 23% of women-owned businesses in Nigeria currently having access to formal credit.

Women who run food or hospitality businesses can submit a pitch outlining their business and how the funding will help them grow. Applications are open until March 15, 2026.

The four grant recipients will be announced on March 27, 2026.

Emmanuel Femi-Adejobi, Senior Brand Manager at Kuda, mentioned that the campaign is designed to recognise and support women whose businesses shape everyday life in Nigerian cities.

“Many of the food and hospitality businesses that Nigerians rely on every day are built and run by women,” he said. “Through Kuda for Her, we’re supporting these hardworking entrepreneurs directly while also shining a light on the ambition and creativity behind the businesses they’ve built”

Women entrepreneurs who run food or hospitality businesses in Lagos can submit their pitches before March 15, 2026, at kuda.com/kuda-for-her/.

Central Bank of Nigeria (CBN) has issued new baseline standards requiring banks and other financial institutions to deploy automated anti-money laundering systems capable of detecting suspicious transactions and financial fraud risks in real time.

The directive, contained in a circular released yesterday, mandates banks, mobile money operators, international money transfer operators and other regulated institutions to implement automated solutions that strengthen monitoring, detection and reporting of suspicious financial activities.

According to the apex bank, the framework establishes minimum technical, governance and operational standards for automated systems used to combat money laundering, terrorism financing and proliferation financing within Nigeria’s financial system.

CBN said the move was necessary as the financial services sector becomes increasingly digital and complex, making manual monitoring methods inadequate for managing evolving financial crime risks.

Under the new framework, deposit money banks (DMBs) are expected to achieve full compliance within 18 months from the date of issuance, while other financial institutions will have 24 months to comply.

Institutions are also required to submit detailed implementation roadmaps to the CBN’s compliance department within three months.

The standards apply to all institutions operating under the CBN’s regulatory purview, although the depth and sophistication of implementation will depend on each institution’s size, transaction volumes, operational complexity and risk exposure.

The framework outlines several minimum capabilities that automated anti-money laundering (AML) systems must possess, including customer identification and verification, sanctions screening, transaction monitoring and case management for suspicious activities.

Financial institutions are also expected to ensure their systems integrate customer data with transaction patterns so that suspicious behaviour can be assessed in the context of a customer’s risk profile.

The CBN said institutions should strengthen identity verification processes by integrating onboarding systems with national databases such as the Bank Verification Number (BVN) and National Identification Number (NIN) platforms to support real-time identity checks.

The framework permits the use of emerging technologies such as artificial intelligence and machine learning to improve the detection of unusual financial patterns.

However, the regulator said such technologies must operate under strict governance frameworks, including independent validation and human oversight.

Institutions deploying AI-based monitoring models will be required to conduct periodic validation to ensure accuracy, reliability and fairness in the detection of suspicious transactions.

The standards also require financial institutions to maintain secure data protection controls, including encryption, role-based access and multi-factor authentication, in compliance with Nigeria’s data protection regulations.

In addition, the systems are to maintain comprehensive audit trails of transactions, alerts, investigations and system activities to support regulatory supervision and forensic investigations.

The CBN said compliance with the framework will be monitored through off-site surveillance, on-site examinations and thematic reviews, warning that institutions that fail to implement the standards may face regulatory sanctions under existing banking and financial crime laws.

The Central Bank of Nigeria (CBN) has directed banks and fintechs to implement automated systems to detect suspicious transactions to strengthen anti-money laundering (AML) and financial crime controls in country’s rapidly growing digital payments sector.

In a circular released on March 10, the apex bank established baseline requirements for AML, fighting terrorist financing, and countering proliferation financing.

The framework applies to deposit banks, mobile money operators, international money transfer operators, payment service providers, and other CBN-supervised entities.

Banks have 18 months to comply, while fintech companies and other financial institutions have 24 months. All affected entities must submit implementation plans within three months.

The new requirements will replace manual monitoring with automated anti-money laundering systems that use artificial intelligence, machine learning, and advanced analytics to spot suspect trends, notify compliance teams, and improve real-time reporting.

Institutions will also be obliged to link these technologies with customer due diligence processes such as Know-Your-Customer and Know-Your-Business checks, sanctions screening, and political risk monitoring.

Nigeria has existing financial crime laws and supervisory organisations. Still, regulators warn that the rapid expansion of electronic payments, valued at hundreds of trillions of naira each year, has outpaced traditional monitoring mechanisms.

Weak financial restrictions have previously enabled crimes. Ramon Abbas, a social media star, was arrested in 2020 for allegedly laundering hundreds of millions of dollars through complicated financial networks.

High-profile corruption cases, including allegations against former oil minister Diezani Alison-Madueke, involved billions in illicit financial flows.

Analysts also highlight the importance of monitoring to track the funding of extremist groups such as Boko Haram and Islamic State West Africa Province.

The CBN said the framework aligns with Financial Action Task Force standards and warned that institutions failing to comply could face sanctions under the Banks and Other Financial Institutions Act.