Regulatory Compliance Framework

1. Technology Infrastructure & Licensed Banking Partners

Fim Digital Ventures Limited provides proprietary orchestration software, developer APIs, checkout links, and reconciliation algorithms. Our core architecture interfaces with regulated financial institutions that hold appropriate regulatory authorizations issued by the Central Bank of Nigeria (CBN).

Key Operational Principles:

• No Deposit-Taking: Fimpaypoint never holds customer deposits on its own balance sheet. All inbound payments are instantly routed into segregated partner bank custodial trust accounts.
• NDIC Deposit Insurance: Eligible customer balances held at partner commercial banks and microfinance banks enjoy deposit insurance protection under the Nigeria Deposit Insurance Corporation (NDIC) framework.
• Interbank Settlement Rails: Disbursed payouts and collection reconciliations are executed across the Nigeria Inter-Bank Settlement System (NIBSS) instant payment rails via licensed settlement member banks.

2. Know Your Customer (KYC) & Customer Due Diligence

Pursuant to the Central Bank of Nigeria (Customer Due Diligence Regulations 2023) and anti-financial crime statutes, Fimpaypoint enforces mandatory merchant identity verification prior to granting access to live collection accounts and settlement disbursements.

3. Anti-Money Laundering (AML/CFT/CPF) Compliance

Fimpaypoint operates an automated, real-time transaction monitoring and sanctions intelligence system in full alignment with the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022:

• Global Sanctions Surveillance: Automated pre-screening against the United Nations Security Council Consolidated Sanctions List, US OFAC Specially Designated Nationals, UK OFSI lists, and domestic Nigerian sanctions rosters.
• Politically Exposed Persons (PEPs): Rigorous screening and Enhanced Due Diligence (EDD) for domestic and foreign politically exposed individuals, their close family members, and known corporate associates.
• Algorithmic Anomaly Detection: Real-time behavioral scoring that flags rapid deposit velocity, structuring (smurfing), unexpected transaction surges, and unusual high-frequency interbank routing.

4. Statutory Regulatory Compliance

In strict compliance with statutory banking directives and applicable financial regulations, electronic money transactions exceeding qualifying thresholds are handled in full alignment with official standards.

Our financial system segregates all applicable statutory deductions to ensure that funds are transparently accounted for and remitted to designated authorities.

5. Consumer Protection & Transparent Operations

In alignment with the Central Bank of Nigeria Consumer Protection Framework, Fimpaypoint is committed to ethical, transparent, and fair treatment of all users:

• No Undisclosed Fees: All processing charges, gateway fees, and statutory deductions are displayed explicitly prior to checkout initiation and clearly itemized on merchant settlement statements.
• Instant Transaction Telemetry: Merchants receive cryptographically signed receipts and instant automated webhook delivery logs for every credit, debit, or payout attempt.
• Dispute Resolution Mechanisms: Dedicated merchant support channels and automated chargeback management tools resolve disputed transactions, duplicate debits, and interbank reversals within published statutory turnaround windows.

6. Regulatory Reporting & Data Protection Governance

We maintain active collaboration with licensed settlement clearinghouses (NIBSS), commercial banking partners, and statutory bodies including the Nigerian Financial Intelligence Unit (NFIU). Mandatory Suspicious Transaction Reports (STR) and Currency Transaction Reports (CTR) are dispatched through our licensed banking partner networks in accordance with statutory guidelines.

Pursuant to the Nigeria Data Protection Act 2023 (NDPA), our data handling architecture is overseen by a designated Data Protection Officer (DPO). Merchant identity records and financial audit trails are retained for a mandatory minimum statutory period of five (5) years before cryptographic purging.