The Nigerian Senate has begun debate on a bill to amend the Banks and Other Financial Institutions Act (BOFIA) 2020, granting the Central Bank of Nigeria (CBN) authority to designate and supervise non-bank financial institutions. Sponsor Tokunbo Abiru said mobile money operators, payment service banks, wallet providers, digital lenders, and switching companies now process large transaction volumes and hold sensitive data, posing risks comparable to traditional banks.
The amendment aims to create a statutory framework for systemically important institutions, establish a national fintech registry, strengthen data sovereignty, and improve consumer protection. Abiru dismissed calls for a separate fintech regulator, saying oversight must remain with the CBN. Senators raised concerns about ownership opacity, offshore data storage, and income disparities for Nigerian digital content creators. The bill was referred to the banking committee for further legislative work.