CBN Moves to Bar Banks from Using Customer Funds for Fintech Arms

The Central Bank of Nigeria has unveiled draft guidelines to stop banks from using customer deposits to support fintech and other group subsidiaries. Under the new rules, banks must keep separate governance, risk management and capital buffers from their affiliates. The proposal bans the diversion of customer funds to intra-group lending, trading, debt servicing or operational costs of related firms. It also calls for stronger data protection and explicit customer consent before enrolment in products offered by sister companies. Comments are open until July 9, 2026. Will these reforms boost trust in Nigeria’s banking and fintech sectors or slow down innovation and growth?

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