In New Regulatory Masterstroke, CBN Orders Banks, Fintechs to Disclose Beneficial Owners, Localise Payments Data by 2027

• Moves to curb market dominance, concentration risk in payments ecosystem

James Emejo in Abuja and Nume Ekeghe in Lagos

Central Bank of Nigeria (CBN) has ordered banks, fintechs, and other payment service providers to disclose their ultimate beneficial owners, localise payments transaction data, and comply with new market share limits designed to curb concentration risk.

The far-reaching regulatory measures were contained in a circular dated June 15, 2026 and signed by CBN’s Director, Payments System Supervision Department, Dr. Rakiya Yusuf.

The regulatory intervention represents one of the most significant interventions by the CBN in the payments industry in recent times, aiming at restructuring the country’s fast-growing digital payments ecosystem.