The Central Bank of Nigeria (CBN) has issued a mandate requiring data localization and Ultimate Beneficial Owner (UBO) disclosure for all payments processed through the system.
1 report, 1 independent
Updated Jun 16
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What happened
The Central Bank of Nigeria (CBN) has issued a mandate requiring data localization and Ultimate Beneficial Owner (UBO) disclosure for all payments processed through the system.
Who's involved
What this event is mainly aboutHow it developed
Newest first. Tap a step to see who reported it.- The Central Bank of Nigeria issued directives on domestic data storage requirements in Nigeria.Sub-event
CBN mandates data localization and UBO disclosure in payments in Nigeria.1 source
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The entities involved
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Nigeria
sovereign state in West Africa
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Central Bank of Nigeria
central bank
Related events
- The Central Bank of Nigeria intensified its actions to meet requirements set by the Financial Action Task Force.
- A company led by Tony Elumelu is establishing its base in Nigeria and expanding across the African continent, driving UBA's financial growth.
- Presidential approval directs that payments must be processed through the Central Bank of Nigeria.
- The Central Bank of Nigeria issued standards for automated Anti-Money Laundering (AML) solutions, while UBA utilized the Leo system for digital customer transactions.
- The Central Bank of Nigeria and the SEC are coordinating oversight of digital assets and have launched a regulatory sandbox for digital finance in Nigeria.