CBN faces new oversight as Reps propose data commission

By Chinwendu Obienyi
Nigeria’s banking and financial technology sectors may face a new layer of regulation as the House of Representatives considers a bill seeking to establish a National Payment Data Protection and Sovereignty Commission.
The proposed commission would oversee the protection, storage and processing of payment data in Nigeria, potentially creating an additional regulatory body alongside the Central Bank of Nigeria (CBN).
The bill also proposes a minimum fine of N1 billion for financial institutions that fail to keep their main payment data infrastructure in Nigeria. Individuals who transfer sensitive payment information outside the country without approval could f...