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The Central Bank of Nigeria (CBN) has directed banks, fintech companies and other operators in the payments ecosystem to ensure all data generated in the country from payment transactions are stored and managed in Nigeria.
The apex bank also unveiled new measures to enhance transparency, lower market concentration and enhance oversight in the payments space.
The directive was contained 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 Nigerian Payments System,” it was reported.
In the circular, the CBN said all financial institutions and payment operators facilitating transactions in the country are required to comply with the new data localisation requirement.
The apex bank said the policy was in consonance with the existing data protection laws and regulations applicable in Nigeria.
“All financial institutions and participants facilitating payments within Nigeria shall ensure that payments transaction data generated within Nigeria are stored and managed in Nigeria in accordance with data protection laws and regulations applicable in Nigeria. The circular read.
“All affected financial institutions will fully comply with this requirement effective January 1, 2027,” the CBN added.
The apex bank also directed banks, payment service providers and other financial institutions with digital payment operations to reveal the ultimate beneficial owners of significant shareholders.
The move was needed to raise transparency in the sector and comply with anti-money laundering and counter-terrorism financing rules, it said.
The CBN said: “All Deposit Money Banks, Payment Service Providers and other financial institutions with digital payments footprints shall disclose the Ultimate Beneficial Ownership (UBO) of significant shareholders in accordance with applicable extant laws and regulations, including Anti-Money Laundering, Combating the Financing of Terrorism and Counter Proliferation Financing regulations.
The regulator also directed the affected institutions to keep their records of beneficial owners accurate and current.
It stated that the institutions “shall maintain accurate and up-to-date UBO records and provide such information to the CBN on request.
The CBN said the reason for the new requirements was that Nigeria’s payments system has expanded significantly in recent years, driven by electronic payments, digital financial services and the emergence of major operators with strong market presence.
The bank said: “The Nigerian payments ecosystem has seen significant structural developments including rapid growth in electronic payments, increasing adoption of digital financial services and the emergence of operators with significant presence in the market across key payment activities.
However, it noted that the growth had also created new risks requiring stronger regulatory attention.
“These developments have also given rise to concerns relating to market concentration, operational dependence, systemic importance, transparency of ownership structures and localisation of critical payment data,” the apex bank said.
The CBN also introduced market structure requirements for the institutions involved in card issuing and merchant acquiring as part of efforts to prevent excessive dominance in the industry.
Under the new rule, any licensed financial institution involved in card issuing activities with more than 25 per cent market share in that segment will not be permitted to hold more than 15 per cent market share in merchant acquiring in the same period.
The circular said that “any licensed financial institution engaged in card issuing activities that has more than 25 per cent of the market share in card issuing shall not have more than 15 per cent of the market share in merchant acquiring activities in the same period.
“Any licensed financial institution in merchant acquiring business with more than 25 per cent market share in merchant acquiring shall not hold more than 15 per cent market share in card issuing activities,” the CBN said.
The apex bank also directed that all regulated entities submit monthly market share returns as part of the new oversight measures.
The returns will enable the CBN to monitor the structure of the payments system and to identify operators whose activities could generate systemic risks, the CBN said.
It instructed the affected institutions to take measures to fully comply with the market structure requirements by the end of the year.
The circular said “all affected financial institutions shall take necessary measures to achieve full compliance not later than December 31, 2026.”
New rules are expected to impact banks, fintech companies, payment service providers and other financial institutions operating in Nigeria’s fast-growing digital payments space.
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