KPMG partners with Chainalysis to enhance crypto compliance in Nigeria and Ghana

KPMG in Nigeria and Ghana has formed a strategic partnership with Chainalysis, a leading blockchain data platform, to enhance cryptocurrency investigation and compliance solutions. This collaboration aims to assist Financial Institutions (FIs) and Virtual Assets Service Providers (VASPs) in both countries in detecting and preventing illicit activities related to cryptocurrency. As cryptocurrency usage grows in Africa, particularly in Nigeria and Ghana, managing risks in this sector becomes increasingly crucial.

Sub-Saharan Africa leads globally in decentralized finance (DeFi) adoption, reflecting the region's need for accessible financial services. According to the World Bank, only 49% of adults in the region had bank accounts as of 2021. Nigeria ranks second worldwide for grassroots crypto adoption, while Ghana holds the fourth position in Sub-Saharan Africa for cryptocurrency value received.

The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have initiated regulatory measures to oversee the cryptocurrency landscape. Chainalysis applauds these efforts as they work towards creating a fair regulatory environment for cryptocurrencies in both nations. The partnership will provide tailored advisory services and advanced solutions to help organizations strengthen their compliance frameworks against financial crimes.

KPMG and Chainalysis will combine their expertise to offer enhanced investigations, training support, and current state assessments for Anti-Money Laundering/Combatting Financing of Terrorism (AML/CFT) frameworks. Saheed Olawuyi from KPMG expressed excitement about addressing the growing need for effective risk management solutions in the region. Chainalysis's Nicola Buonanno emphasized that this collaboration will equip financial institutions with essential tools to navigate the dynamic cryptocurrency landscape effectively.