This post was originally published on this site.
The CBN has directed banks and fintechs to store all payment transaction data generated in Nigeria on local servers from January 1, 2027The new regulations also require financial institutions to disclose their ultimate beneficial owners as part of efforts to combat financial crimesThe CBN introduced market-share limits to promote fair competition and reduce concentration risks in Nigeria’s digital payments industry
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
The Central Bank of Nigeria (CBN) has directed banks, fintech companies, and other payment service providers to ensure that all payment transaction data generated within Nigeria is stored on local servers from January 1, 2027.
The directive was announced in a circular issued by the apex bank’s Payments System Supervision Department and sent to deposit money banks, microfinance banks, mobile money operators, switching companies, payment processors, super agents, and other licensed participants in the payments industry.
Read
