The Central Bank of Nigeria has ordered banks, fintechs, and all licensed payment service providers to disclose their ultimate beneficial owners and move customer payment data into Nigeria.
The directive came in a circular dated June 15th 2026, signed by Dr. Rakiya Yusuf, Director of the Payments System Supervision Department.
The order covers Deposit Money Banks, Microfinance Banks, Mobile Money Operators, switching companies, Payment Terminal Service Providers, Payment Solution Service Providers, Super Agents, and other licensed operators.
The apex bank said Nigeria’s digital payments sector has grown fast, driven innovation and inclusion, but also created new risks. CBN cited concerns around market concentration, systemic importance, operational dependence, ownership transparency, and where critical payment data is stored.
“While growth of digital financial services has boosted efficiency, it has also heightened concerns over market concentration and ownership transparency,” the circular stated.
“All institutions with digital payment operations must disclose Ultimate Beneficial Ownership of significant shareholders, keep accurate records, and provide the information to CBN on request. This aligns with AML, CFT, and Counter-Proliferation Financing rules.
“All payment transaction data generated in Nigeria must be stored and managed inside the country.
“CBN introduced new caps to curb concentration risk and reduce dominance by a few major players in key segments.
Financial institutions and tech firms must ensure full compliance with the data localization policy by Jan. 1, 2027.
CBN said the framework is meant to improve transparency, strengthen oversight, deepen regulatory monitoring of transactions, boost data security, and build a more competitive and resilient payments ecosystem.
The move ranks among the most significant CBN interventions in Nigeria’s payments industry in recent years as electronic transactions continue to expand rapidly.