Regulatory Alerts2026-06-15 | PSS/DIR/PUB/CIR/001/004Introduction of Market Structure Requirements, Data Localisation, Ultimate Beneficial Ownership Disclosure, and Systemic Oversight Measures In The Nigeria Payments System
The Central Bank of Nigeria issued this circular to enhance transparency and systemic stability in the payments ecosystem by mandating Ultimate Beneficial Ownership disclosure and strict data localisation for all licensed operators. The regulation imposes market structure requirements that cap cross-market share holdings, prohibiting institutions with over 25% market share in card issuing or merchant acquiring from exceeding 15% in the other activity. Affected entities must achieve full compliance with these structural and data requirements by December 31, 2026, while data localisation becomes effective on January 1, 2027.
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