CBN Tightens Fintech Rules to Curb Market Dominance and Protect Consumers
The Central Bank of Nigeria says it is tightening rules for fintechs and digital payment providers to prevent excessive market dominance and protect consumers. At a fintech and financial inclusion roundtable in Lagos, CBN Governor Olayemi Cardoso said banks, fintechs and payment service providers must compete under transparent rules. He said innovation should improve financial inclusion without creating unfair advantages or weakening accountability. The new market-structure rules target concentration in consumer issuing and merchant acquiring. The CBN also plans to require clearer disclosure of ultimate beneficial owners and mandate that payment transaction data generated in Nigeria be stored and managed locally. Cardoso said institutions with greater market influence will face higher governance and compliance expectations, while operators facing similar risks will be regulated by the same standards.
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