The Central Bank of Nigeria (CBN) has directed banks and payment service providers (PSPs) to store and manage payment transaction data in Nigeria.
In a circular signed by Rakiya Yusuf, director of the
payments system supervision department, on Monday, CBN said all financial
institutions facilitating payments within Nigeria should ensure that data
generated in the country are stored and managed locally in line with applicable
data protection laws.
Which is better CBN directs banks, PSPs to store, manage
payment transaction data in Nigeria or CBN directs banks, PSPs to store, manage
payment data in Nigeria
The requirement will take effect from January 1, 2027.
CBN also directed banks, PSPs and other financial
institutions (OFI) with digital payment operations to disclose the ultimate
beneficial ownership (UBO) of significant shareholders in line with anti-money
laundering and counter-terrorism financing regulations.
The institutions are required to maintain accurate and
up-to-date ownership records and make them available to the regulator on
request.
The apex bank also directed regulated entities to submit
monthly market share returns using prescribed templates and timelines.
Affected institutions have until December 31, 2026, to
comply with the new market structure requirements.
CBN said it would monitor compliance and impose supervisory
sanctions where necessary in line with applicable laws, regulations and
guidelines.
The financial regulator had also limited the market share
for financial institutions involved in card issuing and merchant acquiring
services.
CBN said any financial institution controlling over 25
percent of the card issuing market would be limited to 15 percent in merchant
acquiring market.
Also, the apex bank said financial institutions with over 25
percent share in merchant acquiring market would be restricted to 15 percent in
card issuing segment.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com