CBN has introduced regulations to limit market share for banks and fintech in Nigeria’s digital payments space.
The new rules is aimed to prevent dominance and enhance competition among payment service providers in Nigeria Firms must comply with market reporting and host payment infrastructures locally or face sanctions.
The CBN regulation’s sweeping regulations aimed at preventing any single bank or fintech company from dominating Nigeria’s fast-growing Point-of-Sale (PoS) and digital payments ecosystem.
The new policy could reshape competition among major players, including OPay, Moniepoint, PalmPay, Paystack, Flutterwave and traditional banks that have aggressively expanded their footprints across consumer and merchant payments.
