As Nigeria’s fintech ecosystem continues its rapid evolution, the conversation around innovation is increasingly intersecting with regulation. At the centre of this intersection is Aminat Ibraheem-Dakeje, Head of Legal & Compliance and Company Secretary at 9jaPay, whose work underscores a growing truth in the digital economy: technology may drive disruption, but law provides the structure that allows innovation to endure.
Ibraheem-Dakeje has spent the better part of her career advising startups, scale-ups and international companies on how to operate responsibly within Nigeria’s complex regulatory environment. Her experience spans corporate and commercial law, fintech regulation, anti-money laundering and counter-terrorism financing (AML/CFT), and corporate governance, which are fast becoming non-negotiable for technology-driven businesses.
According to her, one of the most persistent misconceptions among founders is the idea that compliance can wait until after growth. “Many startups prioritise speed, product-market fit and customer acquisition, which is understandable,” she explains. “But legal compliance is foundational. If you get it wrong at the early stages, it can significantly limit your ability to scale or even threaten the survival of the business.”
In Nigeria’s fintech space, this risk is particularly pronounced. Payment companies, lending platforms and digital financial service providers operate in heavily regulated sectors, where licensing, reporting obligations and consumer protection rules are strictly enforced. Ibraheem-Dakeje notes that a common mistake among early-stage companies is assuming that being a ‘tech company’ automatically places them outside regulatory oversight. “Technology does not remove regulatory responsibility,” she says. “If you are handling customer funds or financial data, regulators will take an interest in your operations.”
Her work at 9jaPay illustrates how compliance, when properly integrated, can support rather than stifle innovation. She has been involved in setting up legal and compliance frameworks, leading licensing processes, and engaging regulators in Nigeria and the United Kingdom. These efforts, she says, are not merely defensive. “Strong compliance frameworks build trust with regulators, customers and investors. They signal that a company is serious about long-term growth.”
A critical area of focus for her is AML and CFT compliance, which many startups perceive as overly complex or burdensome. Ibraheem-Dakeje argues that this perception often stems from a lack of understanding. “AML compliance does not have to be overwhelming,” she says. “The key is adopting a risk-based approach that reflects the size and nature of your business. Start small, train your team, and scale your controls as the business grows.”
This pragmatic approach reflects her broader philosophy on regulation: compliance should be embedded into business strategy, not treated as an afterthought. By integrating legal and regulatory considerations into product design and operational planning, startups can avoid costly corrections later. “When compliance is considered early, it actually saves time and resources,” she adds.
Cross-border expansion presents another layer of complexity for fintech startups, especially those seeking to operate beyond Nigeria. Ibraheem-Dakeje has overseen legal and compliance functions across multiple jurisdictions and warns against assuming regulatory uniformity. “Each jurisdiction has its own regulatory culture and expectations,” she explains. “Founders must resist the temptation to replicate their Nigerian model elsewhere without proper restructuring and local legal insight.”
Investor expectations further reinforce the importance of legal discipline. As funding becomes more selective, investors are paying closer attention to governance structures, regulatory history and compliance readiness. “Investors want to see that a startup understands its legal obligations and has systems in place to manage risk,” she says. “Good corporate governance is no longer optional, but a competitive advantage.”
Beyond her technical expertise, Ibraheem-Dakeje plays an important role as a translator between law and innovation. She has worked with both technical and non-technical founders, helping them understand legal requirements in business-friendly terms. “Compliance should not feel abstract or intimidating,” she notes. “My goal is always to make it practical and aligned with business objectives.”
Looking ahead, she believes Nigeria’s regulatory environment will continue to mature, with clearer frameworks and stronger enforcement. While this may raise the compliance bar for startups, she sees it as a positive development. “A more structured regulatory environment creates predictability,” she says. “Startups that invest early in compliance will be better positioned to thrive as the ecosystem evolves.”
For founders building in regulated sectors, her advice is straightforward: treat legal compliance as part of your core strategy. “Surround yourself with advisers who understand both the law and the realities of building a business,” she says. “When done right, compliance protects your vision, strengthens your credibility and enables sustainable growth.”
In an ecosystem driven by speed and innovation, Aminat Ibraheem-Dakeje’s work highlights an often-overlooked reality that the true fintech success lies in the careful infusion of technology and law.
