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Introduction
April 2026 marks significant regulatory momentum across Nigeria's financial, digital, and trade sectors, with regulators moving decisively to modernise frameworks, strengthen consumer protections, and position the country more competitively within the broader African and global economy.
The April edition of the Regulatory Digest highlights Central Bank of Nigeria's (CBN) activities, including the conclusion of its landmark banking sector recapitalisation programme, introduction of a new money market benchmark, and the release of exposure drafts on dispute resolution and charges by financial institutions; each signalling a maturing, more resilient financial system. Meanwhile, the Securities and Exchange Commission (SEC) is opening new capital market pathways for free trade zone entities, and the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE) is advancing Nigeria's digital infrastructure agenda on multiple fronts, from cybersecurity coordination to broadband expansion and child online safety.
Across the continent, Kenya and Tanzania are also making strides, with both countries publishing draft regulatory frameworks aimed at tightening cybersecurity standards and bringing the virtual asset space under structured oversight. Together, these developments reflect a broader regional shift toward proactive, anticipatory regulation in an increasingly digital and interconnected economy.
A quick summary...
CBN Exposure Draft Guide to Charges by Banks and Other Financial Institutions
The CBN released an exposure draft of the 2026 Guide to Charges by Banks and Other Financial Institutions in Nigeria, which aim to supersede the Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions 2020. The updated Guide introduces a broader range of financial services, encourages the development of innovative products, and strengthens oversight and accountability frameworks. It also reviews certain banking service charges to drive increased adoption of electronic channels and accommodates new industry participants that have emerged since the 2020 edition. Notably, the Guide promotes financial inclusion through lower tariffs for micropayments and transactions. Members of the public and market participants are invited to submit comments to PolicyandRegulationsDivision@cbn.gov.ng on or before May 8, 2026.
This revision is expected to accelerate the adoption of innovative financial services and deepen financial inclusion across Nigeria. Institutions should review the proposed fee changes carefully, particularly as they relate to electronic channel pricing and micropayment tariffs, and engage with the consultation process ahead of the deadline.
CBN Exposure Draft of Mediation and Dispute Resolution Panel (MDRP) Guidelines
The CBN released an exposure draft of the Guidelines for the Mediation and Dispute Resolution Panel (MDRP) under the Secured Transactions in Movable Assets Act, 2017. The proposed Guidelines establish a structured framework for the resolution of disputes arising from secured transactions in movable assets, positioning the MDRP as a first-line alternative to litigation. The framework outlines the composition and eligibility criteria of the Panel, roles and responsibilities of all stakeholders, and procedures for the submission, hearing, and determination of disputes, including timelines aimed at ensuring expeditious resolution. The draft further provides that outcomes of the MDRP will be binding on parties and enforceable, subject to limited rights of appeal. Stakeholders are invited to review the exposure draft and submit comments to the CBN by 9th October 2026.
The introduction of the MDRP framework is expected to strengthen confidence in secured lending, particularly in relation to movable assets, by reducing reliance on protracted court processes and improving dispute resolution efficiency. Market participants should assess the implications for their credit documentation, particularly the inclusion of mediation clauses, and ensure alignment with registration and enforcement requirements under the Act.
CBN Concludes Banking Sector Recapitalisation Programme
The CBN has concluded its 24-month banking sector recapitalisation programme initiated in March 2024, through which Nigerian banks collectively raised ₦4.65 trillion in new capital, with 72.55% sourced domestically and 27.45% from international markets. The recapitalisation programme has strengthened capital adequacy ratios (CAR) across the sector, with levels maintained above international Basel benchmarks. Minimum CAR thresholds remain at 10% for regional and national banks and 15% for banks with international authorisation. Additionally, the CBN has strengthened its risk-based capital adequacy framework, introducing mandatory stress testing and capital buffer requirements, with prudential guidelines subject to periodic review.
Market participants should monitor developments relating to institutions still undergoing regulatory processes, ensure ongoing compliance with the revised CAR thresholds and stress testing obligations, and note that the supervisory framework remains subject to further review.
CBN and FMDA Introduce the Nigerian Overnight Financing Rate (NOFR) as New Money Market Benchmark
The CBN, in collaboration with the Financial Markets Dealers Association (FMDA), has introduced the Nigerian Overnight Financing Rate (NOFR), a standardised reference interest rate that reflects the cost of overnight borrowing in Nigeria's money market and serves as a common benchmark for pricing short-term financial instruments. NOFR was formally adopted by market participants on February 27, 2026 and has since received regulatory approval, with the CBN serving as benchmark administrator responsible for governance, transparency, and regular rate publication. Its introduction aligns Nigeria with globally recognised overnight benchmarks.
Market participants should incorporate NOFR into pricing frameworks for money market instruments, update relevant contracts and risk management models, and monitor CBN publications for ongoing rate governance guidance.
SEC Proposes New Rules for Public Offering of Securities by Free Trade Zone Entities
The SEC released a proposed rule governing the public offering and issuance of shares by Free Trade Zone Entities (FTZEs), in line with the Investment and Securities Act (ISA) 2025. Eligible FTZEs must be licensed by a recognised Free Trade Zone Authority, have at least three years of operating track record with a minimum of two years of independent activity within a free trade zone, maintain a minimum paid-up share capital of ₦7.5 billion. Issuers must commit to listing offered shares on a registered securities exchange and will be subject to Nigerian tax laws and the Commission's continuous reporting requirements upon issuance. Comments are invited within two weeks of the exposure date via rulescommittee@sec.gov.ng.
Market participants operating within or engaging free trade zone entities should assess eligibility against the proposed requirements, review the registration and disclosure obligations, and engage with the consultation process ahead of the comment deadline.
FMCIDE Convenes Stakeholder Session on Cybersecurity Coordination Council
The FMCIDE convened the inaugural stakeholder session towards the establishment of a Ministerial Advisory Council for Cybersecurity Coordination for Nigeria’s digital economy. The Council is intended to focus on strengthening collaboration, preparedness, and coordinated cybersecurity response across sectors to support trust and resilience in the country’s growing digital ecosystem.
FMCIDE Secures AfDB Funding for Project BRIDGE
The African Development Bank Group has approved $200 million investment in Project BRIDGE, Nigeria’s digital infrastructure initiative aimed at expanding national fibre backbone connectivity. The funding supports efforts to strengthen broadband infrastructure and scale digital connectivity across the country.
The investment reflects continued institutional support for Nigeria’s digital infrastructure agenda, alongside financing commitments from other multilateral institutions, and reinforces ongoing efforts to advance connectivity and digital economy development.
FMCIDE Launches National Digital Economy Research Clusters
The FMCIDE launched the National Digital Economy Research Clusters under Project BRIDGE to support universities as hubs for innovation, research, and digital economy development. The initiative is designed to align digital infrastructure, research, and entrepreneurship with focus areas including connectivity, digital public infrastructure, digital skills, trust and safety, and artificial intelligence. In addition, the programme is intended to support practical research outcomes, including policy development, innovation, and job creation, while complementing broader digital transformation initiatives.
FMCIDE Undertakes Child Online Safety Measures Through Public Input
In collaboration with the Nigerian Data Protection Commission, FMCIDE launched a National Survey on Age Regulation and Online Safety. This survey is designed to collect inputs from parents, educators, young people, digital professionals, and all stakeholders towards a more regulated and safer digital environment for children in Nigeria and less exposure to cyberbullying, harmful content, online exploitation, and misuse of personal data among the youths.
NITDA Takes Over Digital Governance Infrastructure
The National Information Technology Development Agency has announced that it has taken over the portal of Nigeria Government Enterprise Architecture which is hosted by Galaxy Blackbone Limited, signalling a significant step towards centralised digital governance and IT standardisation across Ministries, Departments and Agencies (MDAs).
This development also reflects the Agency's expanding supervisory role under its mandate to set standards, coordinate IT systems, and also ensure interoperability within government digital infrastructure.
NITDA collaborates with National Judicial Institute
NITDA partnered with the National Judicial Institute (NJI) by setting up a joint committee to drive digital transformation and improve capacity building across the judicial sector. This is aligned with the National Digital Literacy Programme and will give the staff of NJI access to Cisco-partnered online training programmes.
NCC Partners with CBN to Strengthen Consumer Protection and Digital Financial Security
The NCC signed a Memorandum of Understanding with the Central Bank of Nigeria (CBN) to strengthen consumer protection and digital financial security. In furtherance of this agenda, a joint committee on Payment Systems and Consumer Protection was inaugurated and a Telecoms Identity Risk Management System (TIRMS) Portal was launched. The initiative establishes a coordinated regulatory framework to enhance fraud prevention, improve oversight of mobile number usage in financial transactions, and support real-time identification of risk signals such as churned or suspicious numbers. It is aimed at improving trust, strengthening digital infrastructure, and enhancing consumer safety across Nigeria’s telecommunications and financial services.
NCC Directs Telecos to Compensate Users for Poor Network Service
The NCC directed Mobile Network Operators (MNOs) to compensate subscribers affected by prolonged or repeated poor quality of service in areas where operators fail to meet Quality of Service KPIs. The framework provides for automatic compensation in the form of airtime credits to eligible customers (including individuals and corporate users) who experienced service disruptions in affected Local Government Areas and carried out at least one billable activity during the relevant period. The mechanism is based on operators’ network performance data, with eligibility and compensation amounts determined by the NCC, and it supplements existing consumer protection regulations without replacing them.
Federal Government Approves 2026 Fiscal policy measures
The Federal Government of Nigeria has approved 2026 Fiscal Policy Measures which will take effect from April 1, 2026. These measures include reduced tariffs on goods such as vehicles (which have been cut down to 40% from 70% and palm oil imports (now down to 28.75%) as well as an import prohibition list from non-ECOWAS countries. Also, new excise duties have been announced on alcoholic & non-alcoholic beverages, cigarettes and tobacco products. A green tax surcharge will also take effect from July 1, 2026. These measures are formulated to align Nigeria's trade strategy within AfCFTA by promoting intra-African trade.
Tanzania Issues Draft Cybersecurity Guidelines for Financial Service Providers
Bank of Tanzania (BoT) issued a Draft Cybersecurity Guidelines for Financial Service Providers (FSPs), mandating cyber resilience as a core regulatory requirement. Key provisions include establishing a Financial Computer Emergency Response Team (TZ-FinCERT), forming a Cybersecurity Steering Committee, submitting quarterly vulnerability assessments, and conducting annual penetration testing with reports to BoT. Non-compliance risks hefty fines, license revocation, and personal liability.
The draft was open for public comments via the BoT's portal until April 30, 2026, urging stakeholders to contribute to the final framework. This elevates cybersecurity standards, enhancing sector resilience amid rising threats.
Kenya Publishes Draft Virtual Asset Service Providers Regulations for Contribution
The National Treasury and the Central Bank of Kenya issued the Draft Virtual Asset Service Providers Regulations, 2026, which is intended to operationalise the Virtual Asset Service Providers Act, 2025. The draft regulation sets out a licensing and supervisory regime for virtual asset firms (exchanges, custodians, wallet providers, etc.), embedding requirements on fit‑and‑proper tests, minimum capital, governance, anti‑money‑laundering controls, and consumer‑protection standards aligned with international norms such as FATF. It also covers areas like stablecoin issuance (including full reserve backing and audits), disclosure obligations, and ongoing reporting to regulators.
This regulatory move brings a clearer legal pathway for VASPs (exchanges, custodians, wallet providers), stronger consumer‑protection and transparency standards, and the potential to attract institutional capital and position Kenya as an African digital‑asset hub.
The regulatory developments covered in this edition of the Regulatory Digest reflect a clear and consistent theme: Nigerian regulators, and their counterparts across Africa, are no longer merely responding to market developments but are actively shaping the environment in which financial services, digital infrastructure, and trade will evolve over the coming years.
For market participants, the implications are both immediate and long-term. In the near term, many consultation deadlines require urgent attention. In the long term, institutions must prepare for a more structured, data-driven supervisory environment, characterised by stress testing requirements, cross-agency coordination, and heightened consumer protection standards.
Staying ahead of these shifts will require proactive engagement with the consultation processes, periodic regulatory monitoring and implementation timelines. Organisations that treat regulatory change as a strategic input will be best placed to capitalise on the opportunities these reforms are designed to create.
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