On 15 June 2026, the Central Bank of Nigeria (CBN) issued Circular No. PSS/DIR/PUB/CIR/001/004 (the Circular) through the Payments System Supervision Department, signed by its Director, Dr. Rakiya O. Yusuf. The Circular introduces three sweeping categories of obligations applicable to virtually all participants in Nigeria’s digital payments industry:
- Data Localisation: All payment transaction data generated within Nigeria must be stored and managed within Nigeria by 1 January 2027.
- Beneficial Ownership Disclosure: All covered institutions must disclose the identities of their ultimate beneficial owners (UBOs) in alignment with AML/CFT obligations.
- Market Concentration Limits: No single institution may simultaneously control more than 25% of card issuing and more than 15% of merchant acquiring (or vice versa) within the same 12-month period.
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