The Central Bank of Nigeria (CBN) has ordered banks, fintechs, and other payment service providers to disclose their ultimate beneficial owners. The regulatory measures were contained in a circular dated June 15, 2026, and signed by CBN’s Director, Payments System Supervision Department, Dr. Rakiya Yusuf. Addressed to Deposit Money Banks, Micr...
•CBN Governor Olayemi Cardoso The Central Bank of Nigeria (CBN) has directed banks, fintech firms, mobile money operators and other payment service providers to store all payment transaction data generated within Nigeria on local servers. It set January 1, 2027 timeline for compliance. The directive is part of a broader regulatory push to stre...
•PHOTO (L-R): Matthew Ojonugwa, Adebayo Aliu and Saheed Arigbede at the press conference on fintechs Nigerians have demanded respect for consumer rights, accountability and financial transparency from fintechs operating in the country. This demand was made at a press conference held to address issues around consumer rights, financial transpare...
The Economic and Financial Crimes Commission (EFCC) has launched an investigation into several banks and fintech companies allegedly complicit in fraudulent schemes that defrauded Nigerians of N18.7 billion. The scams, involving a fake airline ticket discount and a bogus investment operation, exposed weaknesses in customer due diligence and mo...
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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