FINANCIAL TECHNOLOGY AND COUNTERTERRORISM IN WEST AFRICA

Financial technology (fintech) is transforming West Africa’s financial landscape, expanding access to banking and digital transactions. However, it also introduces new risks, particularly in counterterrorism, as groups like Boko Haram and AQIM exploit fintech for illicit financial flows. The decentralized nature of cryptocurrencies and peer-to-peer networks challenges regulatory oversight, necessitating stronger monitoring frameworks. Despite these risks, fintech offers powerful tools such as AI, blockchain, and data analytics to track suspicious transactions and disrupt terrorist financing. Collaboration among governments, financial regulators, and tech firms is crucial to ensuring a secure fintech ecosystem. Strengthening cybersecurity, digital literacy, and regional cooperation through platforms like ECOWAS and FATF can help balance financial inclusion with security. A comprehensive, adaptive approach integrating financial intelligence and regulation will be essential to harnessing fintech’s potential while preventing its exploitation by terrorist networks.