Parallex Bank hosted the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN), charging them to prepare for challenging in the regulatory environment.
Matthew Okojie, Parallex Bank’s executive compliance officer (ECO), in his keynoted address spoke extensively on “The Impact of Regulatory Changes on Business Strategy: A Nigerian Bank’s Perspective, highlighting the important role of compliance officers to the smooth running of the banking industry.
Okojie emphasized that regulatory change has evolved from a background risk to a central driver of banking strategy in Nigeria.
According to him, the rapidly changing regulatory environment, shaped by the Central Bank of Nigeria (CBN) and global compliance standards, requires Banks to move beyond routine adherence and begin treating regulation as a strategic pillar.
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He noted that since 2022, Nigeria’s banking sector has witnessed tremendous reforms, including tighter AML/CFT/CPF frameworks, open banking guidelines, capital adequacy measures, changes in monetary policy, and heightened supervisory oversight, adding that these developments are reshaping core banking operations.
He said, “Regulatory change is no longer a box-ticking exercise. It influences how we deploy capital, how we design products, and how we build trust with customers.”
He further explained that enhanced capital requirements, stricter due diligence obligations, and rising compliance costs have prompted Nigerian banks to rethink their operating models.
However, he remarked that these pressures also present opportunities to innovate and build resilience. A key theme in his message was the need for banks to treat regulations as strategy, not merely compliance, by viewing regulatory requirements as opportunities to shape business direction, strengthen competitive advantage, and position institutions for long-term success.
Okojie urged regulators and financial institutions to collaborate more closely, noting, “The future belongs to banks that treat compliance as strategy.”
On his part, Abiodun Aponbiede, Parallex Bank’s chief compliance officer reaffirmed the institution’s commitment to robust compliance standards and proactive regulatory engagement.