CBN Warns Over Foreign Fintech Like Opay, MoniePoint, PalmPay
The Central Bank of Nigeria has issued a fresh warning over the growing influence of foreign fintech in Nigeria, cautioning that heavy reliance on offshore digital payment platforms poses risks to financial sovereignty, data security, and economic stability.
Speaking at a high-level briefing on Sunday, February 8, 2026, CBN Governor Olayemi Cardoso said Nigeria’s increasing dependence on foreign-owned payment infrastructure exposes the financial system to external shocks, service disruptions, and unauthorized access to sensitive consumer data.
The apex bank flagged data sovereignty as a major concern, noting that millions of Nigerians’ financial records are hosted on foreign servers beyond full local regulatory control. It also warned that outages involving international service providers or geopolitical tensions could paralyze domestic payment channels.
According to the CBN, foreign fintech operations contribute to capital flight through offshore transaction fees, adding pressure on the naira and foreign exchange reserves. Regulatory oversight is also challenged where Nigerian consumer protection and anti-money laundering rules are difficult to enforce.
In response, the CBN disclosed plans to introduce stricter data localization rules, requiring fintechs operating in Nigeria to host core infrastructure within the country. The bank is also pushing stronger support for indigenous fintech solutions while maintaining openness to global partnerships.
The CBN said detailed guidelines for the digital financial services sector will be released in the coming weeks, signaling tighter oversight as Nigeria deepens its transition to a digital economy.