CBN Targets Hidden Ownership in Banking, Fintech, to Break Payment Sector Dominance

The Central Bank of Nigeria (CBN) has unveiled sweeping reforms aimed at exposing hidden ownership structures in banks and fintech firms, curbing market dominance in the payments industry and compelling financial institutions to store payment transaction data locally from January 1, 2027, as part of efforts to strengthen transparency, competition and financial system stability.
This was stated in a circular signed by the CBN Director, Payment System Supervision Department, Dr Rakiya Yusuf, and issued on June 15, 2026, to Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), Switching Companies, Payment Service Providers (PSPs), Payment Solution Service Providers (PSSPs), and other ...