On 15 June 2026, the Central Bank of Nigeria (the “CBN”) issued circular PSS/DIR/PUB/CIR/001/004 on the introduction of market structure requirements, data localisation, ultimate beneficial ownership disclosure and systemic oversight measures in the Nigeria payments system (the “Circular”).
The Circular applies to deposit money banks, microfinance banks, mobile money operators, switching and processing companies, payment terminal service providers, payment solution service providers, super agents and other licensed operators in the Nigerian payments ecosystem. It is driven by the CBN’s concerns around market concentration, operational dependence, systemic importance, ownership transparency and the localisation of critical payment data.
