CBN Circular · March 2026

Why does the NFIU keep rejecting Nigerian fintechs' STR filings?

₦15 billion in CBN fines were levied across 29 banks in 2024. A significant share traced back to avoidable NFIU filing errors — rejection codes that compliance teams didn't understand and couldn't fix in time. This free guide breaks down every common rejection code in plain English, identifies the root cause, and gives you a checklist to stop it happening again.

What's inside the free guide

  • Every common NFIU rejection code translated into plain English
  • Root cause analysis for each — what actually went wrong in the filing
  • Pre-submission STR / CTR checklist: 12 things to verify before you file
  • The 3 filing mistakes that account for the majority of rejections
  • goAML XML format errors and how to correct them before resubmission

Get the free guide

Enter your work email and we'll send it straight to your inbox.

Free. No credit card. No sales call. Unsubscribe anytime.

The guide is on its way. Check your inbox at the email you entered.

While you wait: see how Vantrace works

Built for Nigerian compliance teams
Your data stays private
₦15B
CBN fines levied across 29 banks in 2024 for AML violations
June 2026
CBN implementation roadmap deadline — BSD/DIR/PUB/LAB/019/002
96hr
Maximum STR filing window from detection under MLPPA 2022

This guide is produced by Vantrace — an AML compliance platform built specifically for Nigerian banks, fintechs, and microfinance banks. We track NFIU rejection codes across every filing our platform processes, which gives us a clear picture of where compliance teams consistently run into trouble.

The guide reflects that data. It is not a generic AML overview — it is specific to NFIU submission requirements, goAML XML formatting, and the CBN AML/CFT obligations your institution is subject to right now.

See the full platform
10
CBN AML/CFT baseline
requirements covered