CBN introduces market structure caps and payment data localisation requirement

The Central Bank of Nigeria has introduced concentration caps across card issuing and merchant acquiring, a requirement to store payment transaction data on servers located in Nigeria, ultimate beneficial ownership disclosure, and expanded systemic oversight.

31 Dec 2026

No single institution may hold more than 25% of the card issuing market while also holding more than 15% of the merchant acquiring market, or the reverse. Affected institutions must submit monthly market share returns to the CBN.

1 Jan 2027

All payment transaction data generated within Nigeria must be stored and managed in Nigeria.

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 payment system operators.