CBN mandates banks and fintechs to reveal ownership and store data locally
The apex bank said the new measure aims to promote transparency, reduce market concentration risks, and enhance the resilience of the country's payments ecosystem. The post CBN orders banks, fintechs to disclose owners, store payment data in Nigeria appeared first on Premium Times Nigeria .
The central bank has issued a directive requiring financial institutions and digital payment companies to disclose their ownership structures. The move is intended to ensure greater openness within the financial sector. It also seeks to minimize risks associated with market dominance. The regulation aims to strengthen the stability of Nigeria's payment systems. The directive applies to both traditional banks and emerging fintech firms. The central bank emphasized the importance of data localization. This action is part of broader efforts to safeguard financial integrity. The policy is expected to influence how financial data is managed in the country.
The regulation is designed to improve financial transparency and security in Nigeria.
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