Senate moves to bring mobile money operators, digital lenders under CBN’s top-tier regulation
[NigerianEye - Nigeria] - 5/12/2025
The Senate has begun debate on a bill seeking to amend the Banks and Other Financial Institutions Act (BOFIA) 2020 to empower the Central Bank of Nigeria (CBN) to designate and supervise non-bank financial institutions. The bill targets major fintech operators whose activities, lawmakers say, now constitute critical national infrastructure. Tokunbo Abiru, chairman of the senate committee on banking, insurance and other financial institutions and sponsor of the bill, said the amendment had become urgent due to the rapid evolution of Nigeria’s financial ecosystem. Abiru said mobile money (…)
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