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CBN Orders Banks, Fintechs to Reveal Beneficial Owners, Localise Payments Data by 2027

The Central Bank of Nigeria has introduced sweeping new regulations requiring banks, fintech companies, payment service providers, and other financial institutions to disclose their beneficial owners and ensure that all payments-related data are hosted within Nigeria by 2027.

The new directive is aimed at strengthening transparency, improving financial oversight, and enhancing the country's digital and financial security framework. Under the regulation, financial institutions must identify and disclose the individuals who ultimately own or control their businesses, a move designed to curb money laundering, terrorism financing, and illicit financial activities.

The CBN also mandated that all payment data generated from transactions in Nigeria must be stored and processed locally by 2027. The data localisation requirement is expected to improve regulatory supervision, protect sensitive financial information, and boost investment in Nigeria's digital infrastructure and data centres.

Industry analysts believe the policy could reshape the country's fintech and banking landscape, compelling companies that currently rely on foreign data hosting services to invest in local data storage facilities or partner with Nigerian data centre operators.

The new rules are also expected to strengthen consumer confidence and align Nigeria's financial system with global best practices on transparency, data governance, and financial crime prevention.

While the transition may increase compliance costs for some operators, experts say the long-term benefits include improved data security, greater accountability, and enhanced regulatory efficiency in Nigeria's rapidly expanding digital payments ecosystem.