Senate passes bill to strengthen CBN regulation of fintechs

By Henry Umoru
ABUJA – The Senate has passed a bill seeking to strengthen the regulatory oversight of major financial technology companies and other non-bank financial institutions in Nigeria.

The proposed legislation will empower the Central Bank of Nigeria (CBN) to designate qualifying financial technology operators and other non-bank 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 Institutions Act, No. 5 of 2020, to Provide for the Designation, Registration and Enhanced Supervision of Systemically Important Institutions; and for Oth...