In New Regulatory Masterstroke, CBN Orders Banks, Fintechs to Disclose Beneficial Owners, Localise Payments Data by 2027

The Central Bank of Nigeria has mandated banks and fintech companies to disclose beneficial owners and localize payments data by 2027, aiming to reduce market dominance and concentration risks in the payments ecosystem. This regulatory move is a significant step toward greater financial transparency and could help mitigate fraud and money laundering risks. By requiring detailed data on ownership and ensuring data stays within the country, the CBN is pushing for a more secure and accountable financial system, which could enhance consumer trust and economic stability.