Senate Passes Bill To Place Major Fintechs Under CBN Regulation

The Senate on Tuesday passed, for third reading, a bill seeking to strengthen regulatory oversight of Nigeria’s rapidly expanding financial technology sector by empowering the Central Bank of Nigeria (CBN) to regulate major fintech companies and other non-bank financial institutions.
The proposed amendment to the Banks and Other Financial Institutions Act (BOFIA), 2020, seeks to empower the apex bank to designate qualifying financial technology operators and other non-bank financial institutions as Systemically Important Institutions (SIIs), subjecting them to enhanced regulatory supervision.
The bill, SB. 959, titled A Bill for an Act to Amend the Banks and Other Financial Institutio...