CBN orders banks, fintechs to disclose owners, store payment data in Nigeria (opens original article in a new tab)

The Central Bank of Nigeria has ordered banks and fintechs to disclose ultimate beneficial ownership of major shareholders and store payment data locally, aiming to enhance transparency and prevent market dominance. The regulations include restrictions on market shares for card-issuing and merchant-acquiring activities, with compliance deadlines set for 2027.

• CBN mandates financial institutions to disclose UBO of significant shareholders
• Payment data generated in Nigeria must be stored locally by 2027
• Institutions with over 25% market share in card-issuing are restricted to 15% in merchant-acquiring