National Economy
Monday, August 4, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Backpage

How KYC Not PEP Helps Fintech Growth

by Rarzack Olaegbe
2 hours ago
in Backpage
Reading Time: 2 mins read
Share on FacebookShare on TwitterShare on Telegram

On The One Hand
If a business has dynamic employees, the business will survive in any terrain. Many surviving businesses – that have weathered bad policies and regulations – have shown this to be the gospel. In the same breath, understanding your business and knowing your employees are good. Knowing your customers (KYC) is better.

On The Other Hand
KYC process is a major business tool now. It is not jargon. It is a strategy. Many businesses have taken it seriously. Especially businesses in the financial ecosystem. KYC shows the mind of your customers. It shows their dislikes. Likes. And lifestyle. This knowledge has led banks and fintech to design schemes.

In The Long Term
Good KYC processes have helped some businesses grow their revenue. Because the business responded to the desire of the customers. KYC processes can help a business identify and verify its customers, their addresses, income sources, and residences. The other side is that KYC can also help the business to grow, to prevent fraudulent activities (in a bank or fintech), and to be relevant in the regulatory order.
Successful KYC has helped the design of schemes like peer-to-peer lending, buy-now-and-pay-later, etc. Fintech is leading in this aspect. Today’s financial ecosystem is digital-first services. According to McKinsey, the fintech sector experienced a 21 per cent revenue boost in 2024. This could grow by as much as 15 per cent annually in 2025. That is three times faster than conventional banking.
According to RelyComply, fintech firms have been pivotal in the shift from brick-and-mortar service to digital-first. Fintech offers alternative solutions to traditional lenders. This has pushed banks to place emphasis on innovation, speed, and user experience. KYC usually helps the user experience journey. For new entrants, effective KYC compliance is both a challenge and a necessity. Customers embrace fintech for ease and affordability. But burdensome KYC verification processes can drive customers away.
KYC and KYB compliance obligations are critical to ensuring security and trust. Research shows that fintech institutions that fall short on compliance can attract high-risk individuals, such as PEPs or persons involved in money laundering. For instance, a lack of KYC compliance recently led the Central Bank of Nigeria (CBN) to direct Opay, Palmpay, Kuda Bank, and Moniepoint to cease onboarding new customers over alleged illegal forex dealings. About 1,146 bank accounts of individuals and companies were frozen.
KYC is not merely a regulatory box to tick. It is foundational to long-term success. When handled strategically, streamlined KYC processes help firms meet stringent regulatory demands without stifling the customer experience. In today’s competitive market, this balance can be the difference between scaling successfully and falling behind.
Deloitte reports that 38 per cent of customers abandon onboarding if it feels too lengthy or invasive. Financial institutions need to view KYC not as a regulatory burden but as a growth enabler.

In The Short Term
KYC compliance is not about survival. It is about sustainability. It supports trust. Growth. Innovation. It ensures fintech firms can continue to reshape the ecosystem.

You May Like

Impact Of Fake Colleagues In A Workplace

Why Victims Of Ransomware Attacks Pay Ransom To Criminals

Tags: How KYC Not PEP Helps Fintech Growth
ShareTweetShare
Previous Post

Osimhen Arrives Istanbul For Galatasaray’s Medical Examination

Next Post

How Taraba Farmers Will Benefit From N500bn ‘Produce For Lagos’ Deal

ANOTHER GOOD READ

Impact Of Fake Colleagues In A Workplace
Backpage

Impact Of Fake Colleagues In A Workplace

1 week ago
Why Victims Of Ransomware Attacks Pay Ransom To Criminals
Backpage

Why Victims Of Ransomware Attacks Pay Ransom To Criminals

2 weeks ago
Where Is The Fighting Ground Of Fintech Firms?
Backpage

Where Is The Fighting Ground Of Fintech Firms?

3 weeks ago
Are Africans Genetically Inferior?
Backpage

Are Africans Genetically Inferior?

4 weeks ago
Unlocking Africa’s Manufacturing Potential In Global Trade Networks
Backpage

Unlocking Africa’s Manufacturing Potential In Global Trade Networks

1 month ago
Nigeria’s Fintech Start-ups And Everything In Between
Backpage

Nigeria’s Fintech Start-ups And Everything In Between

2 months ago
Next Post
How Taraba Farmers Will Benefit From N500bn ‘Produce For Lagos’ Deal

How Taraba Farmers Will Benefit From N500bn ‘Produce For Lagos’ Deal

Most Recent

Despite Crackdowns, Onshore Gas Flaring Surges In Nigeria

Despite Crackdowns, Onshore Gas Flaring Surges In Nigeria

August 4, 2025
How Taraba Farmers Will Benefit From N500bn ‘Produce For Lagos’ Deal

How Taraba Farmers Will Benefit From N500bn ‘Produce For Lagos’ Deal

August 4, 2025
How KYC Not PEP Helps Fintech Growth

How KYC Not PEP Helps Fintech Growth

August 4, 2025
Osimhen Arrives Istanbul For Galatasaray’s Medical Examination

Osimhen Arrives Istanbul For Galatasaray’s Medical Examination

August 4, 2025
Tinubu Repositioning Sports As  Economic Driver – Dikko

Tinubu Repositioning Sports As Economic Driver – Dikko

August 4, 2025
Sporting Dreams, One Touch Win FCT FA Leagues

Sporting Dreams, One Touch Win FCT FA Leagues

August 4, 2025
NBBF League: Air Warriors, Royal Aces Maintain Winning Streak

NBBF League: Air Warriors, Royal Aces Maintain Winning Streak

August 4, 2025
Bridging Digital Divide Under Tinubu

Bridging Digital Divide Under Tinubu

August 4, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy