CBN Tightens Grip Fintechs, Bank Orders Disclosure of Beneficial Owners and Local Data Storage

The Central Bank of Nigeria (CBN) has introduced sweeping new regulations for banks, fintech firms and other payment service providers, mandating the disclosure of ultimate beneficial owners, localisation of payment transaction data and compliance with market share limits aimed at preventing excessive industry dominance.

The directive, contained in a circular dated June 15, 2026, was signed by…