Senate passes bill to place major fintechs under CBN regulation

The Senate passed a bill for third reading to strengthen regulatory oversight of Nigeria's financial technology sector, according to ThisDay. The legislation will empower the Central Bank of Nigeria to designate qualifying fintech operators and non-bank institutions as Systemically Important Institutions, Vanguard reported. The proposed amendment to the Banks and Other Financial Institutions Act seeks tougher oversight and stronger cybersecurity measures, Leadership said.

What we know

• The Senate passed the bill for third reading on Tuesday.
• The bill empowers the CBN to regulate major fintech companies.
• The legislation amends the Banks and Other Financial Institutions Act, 2020.
• The law seeks to strengthen cybersecurity and risk management.

Sources

1. Senate Passes Bill to Bring Big Fintechs, Non-Bank Financial Institutions Under CBN Regulation – ThisDay, 9 h ago
2. Senate passes bill to strengthen CBN regulation of fintechs – Vanguard, 9 h ago
3. Senate Passes Bill To Place Major Fintechs Under CBN Regulation – Leadership, 8 h ago

Updates

• 11 Nov, 01:02 WAT – No longer developing - story consolidated
• 10 Nov, 19:30 WAT – Summary updated with new reporting
• 10 Nov, 19:30 WAT – Now also reported by Leadership
• 10 Nov, 18:59 WAT – Story published - 2 outlets

This page groups reports from the outlets above; headlines belong to their publishers. Summary written by our automated desk from multiple reports. How we work.

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