Senate Approves Bill for CBN Regulation of Fintechs in Nigeria

The Nigerian Senate has passed a bill to enhance CBN's regulatory oversight of fintechs.

Bill Passage Details

The Senate passed the bill on Tuesday, aiming to strengthen the Central Bank of Nigeria's (CBN) oversight of the financial technology sector. The legislation targets fintechs and non-bank financial institutions that could pose risks to Nigeria's financial stability, according to Blueprint Newspapers.

Provisions of the Bill

The proposed amendment to the Banks and Other Financial Institutions Act (BOFIA) empowers the CBN to designate systemically important fintech companies and subject them to enhanced supervision. It includes stricter corporate governance, cybersecurity safeguards, and technology-risk management, as reported by Blueprint Newspapers.

The bill also introduces stress testing, data-integrity assessments, and supervisory access to operational systems of designated institutions. It aims to improve regulatory coordination and protect financial service users, according to the committee's report presented by Senator Mukhail Adetokunbo Abiru.

Support for the Legislation

The committee's report indicated broad support for the legislation from regulatory authorities, government agencies, and financial institutions. Stakeholders emphasized the need to strengthen financial stability and encourage responsible digital innovation, as noted in the submissions during a public hearing on March 4, 2026.

Sources

• Leadership: Senate Passes Bill To Place Major Fintechs Under CBN Regulation
• Blueprint Newspapers: Senate passes bill to bring big fintechs, non-bank financial institutions under CBN regulation
• Vanguard: Senate passes bill to strengthen CBN regulation of fintechs

Prepared with AI from the sources below and our own data, reviewed by the editors before publishing.