… ordered banks, others to disclose the ultimate beneficiary ownership of shareholders
… Gives December 31, 2026 for full compliance
The Central Bank of Nigeria (CBN) has introduced new market share restrictions for payment operators in a move aimed at preventing excessive concentration in the country’s fast-growing digital payments industry and reducing systemic risks posed by dominant players.
In a circular signed by Rakiya Yusuf, director, Payments System Supervision Department, issued on Monday to banks, mobile money operators, switching companies, payment solution providers and other licensed operators, the apex bank said the measures were designed to address concerns over market concentration, operational dependence and systemic importance as electronic payments continue to expand rapidly across the economy.
The new framework prevents any financial institution that controls more than 25 percent of Nigeria’s card issuing market from holding more than 15 percent of the merchant acquiring market within the same rolling 12-month
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