CBN orders fintechs, banks to localise payment data, caps market dominance

•Mandates beneficial ownership disclosure
•Sets 25% threshold, 15% cross-market cap
•Compliance deadline set for Dec. 31, 2026
By Babajide Komolafe
The Central Bank of Nigeria, CBN, has directed banks, fintechs and other operators in the payments ecosystem to store all payment transaction data generated in Nigeria within the country, while also introducing measures to curb excessive market dominance in the industry.
The apex bank disclosed this in a circular dated June 15, 2026, titled, “Introduction of Market Structure Requirements, Data Localisation, Ultimate Beneficial Ownership Disclosure, and Systemic Oversight Measures in the Nigeria Payments System.”
According to the CB...