CBN Mandates Banks to Disclose Ownership by 2027

The Central Bank of Nigeria (CBN) issued a circular on June 15, 2026, requiring banks and fintechs to disclose their ultimate beneficial owners (UBOs) and localize payment transaction data by January 1, 2027. This regulatory measure aims to curb market concentration risks and enhance transparency within Nigeria's rapidly growing digital payment ecosystem.

The directive, signed by Dr. Rakiya Yusuf, CBN's Director of Payment System Supervision, mandates that deposit money banks, microfinance banks, and payment service providers maintain accurate records of beneficial ownership and ensure compliance with anti-money laundering regulations. Additionally, the CBN introduced a market structure rule to prevent any institution from holding more than 15% market share in consumer issuance or merchant acquiring activities over a 12-month period.

Financial institutions must submit monthly market share returns to the CBN, which will monitor compliance and enforce these new regulations to foster competition and reduce systemic risks associated with market concentration.