Nigeria

Nigerian Senate passes bill expanding CBN oversight of major fintechs

The bill would let the Central Bank of Nigeria designate large fintechs and non-bank lenders as systemically important, subjecting them to enhanced supervision.

Photo: NALTF

What happened

The Nigerian Senate on Tuesday passed for third reading a bill seeking to strengthen regulation of major financial technology companies and non-bank financial institutions. NALTF+2 The bill, SB. 959, amends the Banks and Other Financial Institutions Act, 2020, and empowers the Central Bank of Nigeria to designate high-impact operators as Systemically Important Institutions. NALTF+2 Designation is based on factors including transaction volume, customer base and interconnectedness with the financial system. NALTF+1 Designated institutions would face enhanced supervision, including requirements on cybersecurity, stress testing, technology risk management, corporate governance and beneficial ownership disclosure. The Sun Nigeria+1

Around it

The bill was sponsored by Senator Adetokunbo Abiru, chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, and was presented during plenary presided over by Senate President Godswill Akpabio. NALTF The Federal Competition and Consumer Protection Commission has reportedly sought clear boundaries between prudential regulation and consumer protection. The Sun Nigeria Separately, the Central Bank of Nigeria is digitalizing its Sub-National Fiscal Survey covering the 36 states, the Federal Capital Territory and 774 local government areas. arise.tv

Sources

  1. NALTFSenate Passes Bill to Regulate Systemically Important Fintechs (opens in a new tab)
  2. thisdaylive.comSenate Passes Bill to Bring Big Fintechs, Non-Bank Financial Institutions Under CBN Regulation (opens in a new tab)
  3. The Sun NigeriaSenate moves to tighten CBN oversight of major fintech operators (opens in a new tab)
  4. TLDR AfricaNigeria's Senate passed a bill granting the Central Bank of Nigeria power to strictly regulate major fintech companies. (opens in a new tab)
  5. arise.tvCBN Digitalises Fiscal Data Collection As Senate Moves To Tighten Fintech Regulation (opens in a new tab)

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