Nigeria, June 16 -- The Central Bank of Nigeria (CBN) has directed all financial institutions with digital payment operations to disclose the Ultimate Beneficial Ownership (UBO) of significant shareholders, in line with existing laws and regulatory requirements.

The apex bank said the new measure aims to promote transparency, reduce market concentration risks, and enhance the resilience of the country's payments ecosystem.

In a circular issued to Deposit Money Banks (DMBs), Payment Service Providers (PSPs), fintechs, and other financial institutions on Monday, the apex bank stated that the rapid growth of electronic payments has raised concerns about market concentration, operational dependence, and transparency of ownership.

The bank ...