Nigeria: CBN Orders Fintechs, Banks to Localise Payment Data, Caps Market Dominance
The regulator set January 1, 2027, for local data storage and ordered banks and fintechs to disclose beneficial ownership and market share figures monthly.
- On Monday, the Central Bank of Nigeria issued a circular mandating that all payment transaction data generated within Nigeria must be stored locally to strengthen oversight and transparency.
- The CBN stated that rapid growth in electronic payments raised concerns regarding market concentration and operational dependence, necessitating new measures for the Nigeria Payments System.
- To promote competition, the Bank introduced market structure requirements limiting cross-activity dominance; any institution holding more than 25 per cent market share in card issuing cannot exceed 15 per cent in merchant acquiring.
- All Financial Institutions must disclose Ultimate Beneficial Ownership of significant shareholders in accordance with Anti-Money Laundering , Combating the Financing of Terrorism , and Counter-Proliferation Financing regulations.
- Compliance with market structure requirements is required by December 31, 2026, while the CBN set January 1, 2027 as the effective date for full data localisation compliance.
18 Articles
18 Articles
Nigeria: CBN Orders Fintechs, Banks to Localise Payment Data, Caps Market Dominance
The Central Bank of Nigeria, CBN, has directed banks, fintechs and other operators in the payments ecosystem to store all payment transaction data generated in Nigeria within the country, while also introducing measures to curb excessive market dominance in the industry.
CBN orders fintechs, banks to localise payment data, caps market dominance
•Mandates beneficial ownership disclosure •Sets 25% threshold, 15% cross-market cap •Compliance deadline set for Dec. 31, 2026 By Babajide Komolafe The Central Bank of Nigeria, CBN, has directed banks, fintechs and other operators in the payments ecosystem to store all payment transaction data generated in Nigeria within the country, while also introducing measures to curb excessive market dominance in the industry. The apex bank disclosed this …
CBN Orders Banks, Fintechs to Disclose Owners, Tightens Digital Payments Rules
The Central Bank of Nigeria (CBN) has directed banks, fintech companies and other payment service providers operating in the country to disclose their ultimate beneficial owners as part of sweeping new reforms targeted at the digital payments ecosystem. The directive was contained in a circular dated June 15, 2026, signed by the Director of the […] The post CBN Orders Banks, Fintechs to Disclose Owners, Tightens Digital Payments Rules appeared f…
Coverage Details
Bias Distribution
- 60% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
