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 improve transparency and oversight within the country's fast-growing payments ecosystem.
- The CBN stated that rapid growth in electronic payments raised concerns regarding market concentration, operational dependence, and transparency of ownership within the Nigeria Payments System, necessitating new regulatory measures.
- To promote competition, the Bank introduced market structure requirements stating that any institution holding more than 25 per cent market share in card issuing cannot exceed 15 per cent in merchant acquiring activities.
- All Financial Institutions must disclose the 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 due by December 31, 2026, while the CBN set January 1, 2027 as the effective date for full data localisation requirement compliance.
16 Articles
16 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 gives banks and Fintechs till January 1st 2027 to localise payment data
The Central Bank of Nigeria (CBN) has mandated banks and fintech till January 1st 2027 to localise payment data Beyond data localisation, the circular introduces stricter transparency requirements for payment service providers. Operators must now disclose their ultimate beneficial owners — the individuals who ultimately own or control a company, even where ownership […] The post CBN gives banks and Fintechs till January 1st 2027 to localis…
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