Nigeria’s Senate on 10 November passed a bill that lets the Central Bank of Nigeria (CBN) designate large fintech firms and other non-bank financial institutions as systemically important and supervise them more closely. Designation would depend on size, transaction volumes, customer numbers and links with other institutions, and would bring stress tests and stricter governance and cybersecurity rules. The amendment to the 2020 banks and financial institutions law passed second reading in December 2025 and went through a public hearing in March. It would give the largest payment companies bank-style oversight, which the central bank says their scale requires; the competition regulator wants clear limits between prudential and consumer rules. The bill still needs House approval and presidential assent.