Nigeria: Senate Passes Bill to Place Major Fintechs Under CBN Regulation

Nigeria: Senate Passes Bill to Place Major Fintechs Under CBN Regulation

The Senate on Tuesday passed, for third reading, a bill seeking to strengthen regulatory oversight of Nigeria's rapidly expanding financial technology sector by empowering the Central Bank of Nigeria (CBN) to regulate major fintech companies and other non-bank financial institutions.

Senate passes bill to strengthen CBN regulation of fintechs

By Henry Umoru ABUJA – The Senate has passed a bill seeking to strengthen the regulatory oversight of major financial technology companies and other non-bank financial institutions in Nigeria. The proposed legislation will empower the Central Bank of Nigeria (CBN) to designate qualifying financial technology operators and other non-bank institutions as Systemically Important Institutions (SIIs), […]

Senate Passes Bill Giving CBN More Powers to Regulate Fintech Companies - TV360 Nigeria

The proposed amendment to BOFIA seeks to bring major fintech operators, digital lenders and other non-bank financial institutions under stricter supervision to guard against risks to Nigeria’s financial system….. The Nigerian Senate has passed a bill seeking to expand the regulatory powers of the Central Bank of Nigeria (CBN) over major financial technology companies and …

Senate Passes Bill Empowering CBN To Regulate Major Fintech Companies, Systemically Important Non-Bank Financial Institutions

The Senate has passed, for third reading, a bill seeking to strengthen the Central Bank of Nigeria’s (CBN) regulatory powers over major financial technology companies and other non-bank financial institutions whose operations could pose risks to the stability of the country’s financial system. The proposed legislation seeks to amend the Banks and Other Financial Institutions […]

Senate Passes Bill To Place Major Fintechs Under CBN Regulation

The Senate on Tuesday passed, for third reading, a bill seeking to strengthen regulatory oversight of Nigeria’s rapidly expanding financial technology sector by empowering the Central Bank of Nigeria (CBN) to regulate major fintech companies and other non-bank financial institutions. The proposed amendment to the Banks and Other Financial Institutions Act (BOFIA), 2020, seeks to […]

Senate Passes Bill To Tighten Regulation Of Fintech Firms

…CBN To Conduct Stress Tests, Enforce Cybersecurity Standards The Senate on Tuesday passed a bill seeking to strengthen the regulation of major financial technology companies and other non-bank financial institutions. The bill empowers the Central Bank of Nigeria (CBN) to subject operators with significant influence on the financial system to stricter oversight. The proposed amendment […] Senate Passes Bill To Tighten Regulation Of Fintech Firms…