June 2026 Regulatory Roundup

June 2026 Regulatory Roundup

Welcome to June’s edition of Regulatory Round-up, where we provide you with the latest regulatory developments across Nigeria, Africa, and beyond. Let’s dive into a thoughtful and comprehensive update on developments within the regulatory landscape this month.

1. CBN Launches Payments System Vision 2028

The Central Bank of Nigeria, having acknowledged the success of the Payments System Vision 2025, has launched the Payments System Vision 2028. Anchored on six guiding principles; interoperability, Security, Inclusion, Innovation, Trust, Collaboration. It would modernize payments infrastructure, strengthen regulatory and supervisory frameworks, fasten the adoption of digital financial services, and foster deeper collaboration across stakeholders. The end goal is to ensure efficient payment solutions across urban and rural areas within the country and create stronger cross-border integration and alignment with international standards that would place the Country in an important role of supporting intra-African trade and the evolving global payments ecosystem.

2. CBN issues Circular prescribing Market Structure, Data Localisation  and Ultimate Beneficial Ownership Disclosure

The Central Bank of Nigeria recently released a Circular mandating banks and other financial institutions facilitating payments  to maintain accurate and up to date records of ultimate beneficial ownership and upon request, disclose them. The Bank further directs that the storage and management of payment-transactions data generated within the country shall be done locally  with full compliance effective 07 January 2027. In addition, any licensed financial institution  in consumer issuing activities whether individually or as part of a group of related entities holding more than twenty-five percent (25%) market share in consumer issuing within any rolling twelve-month period shall not hold more than fifteen percent (15%) market share in merchant acquiring activities during the same period, and vice-versa. Concerned entities are required to submit monthly market share returns in accordance with prescribed templates and timelines.  Full compliance is expected on or before 31 December 2026. The purpose of these requirements is to further the Bank’s initiative towards advancing transparency, addressing concentration risk, promoting operational dependence and data integrity in payment facilitating institutions.

3. CBN releases Exposure Draft of the Guidelines on Ring Fencing Operations of Closely Linked Entities in the Nigerian Financial System

The Central Bank of Nigeria on 10 June 2026 released an exposure draft of the guidelines regulating ring fencing operations of closely-linked entities within the Country’s financial system. Specifically, the guidelines require independent operations of closely linked entities, thereby prescribing that closely-linked entities must separately maintain appropriate governance structures and meet minimum applicable capital requirements. Moreover, they are obligated to implement separateness covenants that guarantee segregated customer funds from other closely-linked entities and establish a non-operating holding company supervised on a consolidated basis. Likewise closely-linked entities are required to obtain clear customers’ consents in instances where a service of a closely linked entity is required. The draft guidelines are in line with the Bank’s mandate to promote a sound financial system, safeguard consumer interests and strengthen regulatory oversight within the country’s financial system.

4. CBN releases exposure draft on revised guidelines for licensing and regulating financial holding companies in Nigeria

The Central Bank of Nigeria on 10 June 2026 released an exposure draft on revised guidelines that would prescribe the licensing procedures of Financial Holding Companies as well as rules regulating their operations. The revised guidelines prescribe minimum capital requirements, addresses identified gaps in shared services agreements to prevent undue advantage over banking subsidiaries, establishes clear eligibility requirements, streamlines clear organisational structures of FHCs and prescribes ownership and control requirements requiring FHCs to hold a minimum of 51% equity stake in each subsidiary and to be registered as a person with significant control. The purpose of these revised guidelines is to strengthen the operational effectiveness and regulatory oversight of FHCs following evolving regulatory and market developments.

5. NIGSAC and OFAC update Sanctions List related to Terrorism and Terrorism Financing

The Central Bank of Nigeria in a circular dated 24 June 2026 notified all regulated financial entities  of the recent sanctions designations issued jointly by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury, Office of Foreign Assets Control (OFAC) and prescribes sanctions measures that must be immediately implemented by regulated banks and financial institutions. The measures include immediate screening of customers’ accounts against updated sanctions list, identifying and immediate freezing of assets connected to the designated persons and entities, Suspicious Transactions Reporting (STRs) to the Nigeria Financial Intelligence Unit (NFIU) upon any confirmed or suspected matches and increased monitoring. To ensure prompt and proactive compliance by institutions, all regulated entities must submit a report via the provided email detailing Match status (positive or negative),  Details of affected accounts, Amounts frozen/restricted, Actions taken, or Nil returns when non-applicable, within 48 hours of the circular. The mandatory sanctions measures are intended to secure and preserve the integrity of  financial systems against being used as systems for terrorism and public mishap.

6. Mandatory Prior NCC Approval for Changes in Ownership/Shareholding Structure

The Nigerian Communications Commission and the  Corporate Affairs Communication recently released a notice to the general public, stakeholders and investors about the new compliance measure that any proposed transfer of ownership or control of shares of 10% or more in a communications company must first be approved by the NCC by a letter of ‘No Objection’  before it is registered and effected at the CAC. Accordingly, the CAC would be expected to require evidence of such approval before effecting the registration. The essence of this requirement, according to the regulatory bodies, is to ensure fair market practices and promote regulatory certainty.

7. Nigeria Army Cyber warfare School Collaborates with the NDPC towards Advancing Data Protection and Privacy Awareness. Data Protection awareness has gone beyond merely optional but necessary, especially for personnel involved in combatting cyber threats and attacks, this statement was confirmed by the Army Cyber-warfare School led by Brigadier-General J.H. Bawa, who had taken proactive measures towards exploring areas of collaboration with the Nigeria Data Protection Commission (NDPC) specifically in training their personnel on data protection and privacy best practices as they build capacity to meet current global security realities. Other areas of collaboration also discussed include having the NDPC at the school’s annual workshop and incorporating data protection into their school curriculum.

8. SEC notifies the investing  public on Illegal coins and crypto-currency trading Operators

Within the month, the Securities and Exchange Commission declared an online crypto currency trading platform, called CMTRADING as unregistered, unauthorised and exhibiting the typical indicator of a fraudulent Ponzi scheme. Similarly, two other disguised coins named Zugacoin (with variants like SZCB and SZCB2) & Samzuga Gpt and Punisher Coin are not registered and not approved by the Commission for issuance to the public. Investigations uncover that they are meme coins. Accordingly, the investing public is urged to refrain from the  purchase or promotion of these coins or investing in the trading platform. Any engagement with them will be at their own risk. The investing public is further reminded of the need to always verify the authenticity of crypto or digital assets and trading platforms on the commission’s dedicated platform before engaging them.

1. Mauritian Government Approves New Regulations for  Data Protection Officers Effective January 2027

The Mauritian Government has approved the enactment of the Data Protection (Designation, Tasks and Position of Data Protection Officers) Regulations 2026, which set out the responsibilities and qualifications of Data Protection Officers (DPOs). Among others, the role of the officers include  monitoring compliance with the Data Protection Act 2017, acting as the liaison officer with the Data Protection Office and ensuring appropriate security measures are implemented. The implementation of this regulation signals a move towards ensuring proper and adequate data protection measures are implemented in organisations. A period of six months has been given for compliance with the Regulations with operation coming into force on 01 January 2027.

2. Kenya Approves New National Cybersecurity Agency

Through the National Cybersecurity Agency Order, 2026, the Kenyan National Security Agency (NCSA) was established and has been approved by Kenya’s Parliament. This agency is considered essential to oversee cybersecurity matters, ensure implementation of cybersecurity strategies and work closely with the government to coordinate national responses to cybersecurity incidents. Accordingly, due to the advancement of digital financial services in the country, the establishment of this agency has become necessary in order to coordinate and ensure proper enforcement of cyber-security efforts in the country.

3. Kenya reveals proposal to commercialise Government Data through National Marketplace

The Ministry of Information, Communication and the Digital Economy (MICDE) has unveiled a draft National Data Governance Policy that proposes to create a legal, commercial and governance framework for monetising non-personal government data like business registration trends, passport and immigration application volumes by region, birth death and marriage registration statistics, large transaction volumes, regional agricultural production data, and a National Data Governance and Emerging Technologies Council that would oversee the implementation. This initiative is aimed at making at least 1,000 datasets available over the next five years, and is projected to generate revenue for the government through licensing and data access fees.

1. The European Commission sets out Code of Practice on Marking and Labelling of AI-generated Contents

The Code of Practice  serves as a voluntary practical guideline for deployers and providers of generative Artificial Intelligence (AI) in complying with the AI Act transparency obligations that will be effective from 02 August 2026. The obligations include clear labelling of Deepfakes and AI-generated or AI-manipulated text published on matters of public interest. It also includes that users must also be informed when they are interacting with an interactive AI system, such as a chatbot. These requirements become necessary to help people recognise when content has been generated or altered by AI, which will reduce the risk of deception and manipulation.

2. Swatch pursues $170 million in damages from Samsung over trademark infringement Following the alleged accusation of Samsung’s trademark infringement allowing digital replicas of popular Swatch Models, Omega and Tissot timepieces on its smartwatches. This is not the first time such an accusation would arise, as sometime in 2022, Samsung faced the same charge and was found liable for trademark infringement by a London Court. A ruling on damages is expected soon following the conclusion of a trial on Friday.

Indian Fintech, Cred, secures 900 million Dollars Investment from Meta at a 4.5 billion dollar valuation

I-Pulse secures 250 Million US Dollars in a deal with the United States Department of Commerce to advance its Pulsed-power Technology

We hope you found our June Regulatory Roundup 2026 helpful and informative. If you have questions or insights about the regulatory landscape in your region? Reach out to us on any of our social media handles, email and we would be available to help. Also share your thoughts in the comments below and let’s continue the conversation!

For a deep dive into past regulatory changes, catch up on our May Regulatory Roundup  and explore our complete Regulatory Roundup Archive for more material

Please note that the information provided in this article does not constitute legal advice and should not be construed as such. For legal advice specific to your situation, please consult a legal practitioner.