The Central Bank of Nigeria (CBN) has proposed the revision of the regulatory framework governing financial holding companies to bolstering the resilience and stability of the country’s financial system.

The regulator disclosed the plan in a circular signed by Rita Sike, the director of its Financial Policy and Regulation Department, on Thursday, inviting stakeholders to send their reviews of the guidelines by 9 July.

“Following several years of implementation, the CBN has identified areas within the extant guidelines that require enhancement to strengthen the operational effectiveness and regulatory oversight of financial holding companies,” the statement noted.

CBN stated that it would further promote a safe, sound and resilient financial system with the guidelines.

It noted that the overhaul was necessary after years of implementing the existing framework introduced in 2014 to mitigate the risks arising from the conduct of non-core banking activities within banking groups.

The regulation review addresses gaps and aligns with evolving regulatory and market developments.

Revisions

Among the key revisions in the guidelines is the clarification and enhancement of minimum capital requirements for financial holding companies to ensure their capacity to serve as a reliable source of financial strength to their subsidiaries.

The revised guidelines also address identified gaps in shared services arrangements to prevent potential abuse or undue advantage over banking subsidiaries.

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According to the CBN, the revision takes into consideration the establishment of clear eligibility requirements for promoters seeking to set up financial holding companies.

The revised framework streamlines the structure of financial holding companies by permitting them, instead of their Nigerian banking subsidiaries, to directly own equity interests in foreign subsidiaries.

It also requires financial holding companies to maintain a minimum 51 per cent equity stake in each subsidiary and be registered as persons with significant control with the appropriate corporate registration authority.

Despite continued investment in network expansion and growing adoption of digital services, affordability constraints, limited digital literacy and infrastructure gaps continue to impede digital inclusion across Africa, according to Airtel Africa.

The telecoms group that owns Airtel Nigeria, the nation’s number two mobile phone company, raised the concern in its Sustainability Report 2026, highlighting persistent barriers that prevent millions of people from fully participating in the continent’s rapidly evolving digital economy.

According to the report, expanding network coverage alone will not be enough to bridge Africa’s digital divide, as many individuals and communities remain unable to access the benefits of connectivity due to economic and educational challenges.

The findings come as governments across the continent, including Nigeria, intensify efforts to improve broadband penetration, expand digital skills programmes and deepen participation in the digital economy.

The Airtel report highlights the expanding role of digital financial services in supporting underserved populations and small businesses across its operating markets. “Access to connectivity creates opportunity, which is translated into financial resilience and sustainable growth through the provision of digital financial services,” Airtel says. During the reporting period, Airtel Money served more than 54 million customers and processed transactions worth $196 billion. Mobile money customer penetration increased to 29.5%, while women accounted for 44.1% of Airtel Money users.

Limited digital literacy slowing digital participation, Airtel says

Airtel says connectivity is playing an increasingly important role in driving economic growth, financial inclusion, education and access to public services, making digital access a critical development priority across Africa.

However, while demand for internet services continues to accelerate, affordability remains one of the most significant barriers to digital participation, particularly among low-income households and rural communities.

Limited digital literacy is also slowing adoption, with many people lacking the skills needed to use online services, digital financial tools and emerging economic opportunities effectively.

The challenge persists despite strong operational growth recorded by Airtel Africa during the financial year ended March 31, 2026.

The company reported a 10.5% increase in its customer base to 183.5 million subscribers, while the number of data customers grew by 14.7% to 84.2 million.

Demand for internet services also surged during the reporting period, with daily data traffic rising by 48.5%.

To support this growth, Airtel deployed more than 3,250 new network sites, expanding its infrastructure footprint to over 40,000 sites across its markets.

Population coverage increased to 81.9%, while 4G population coverage reached 75.6%, reflecting continued investment in connectivity infrastructure.

The report says Airtel increased capital expenditure by 31.9% to $884 million during the financial year to strengthen network reach, reliability and capacity.

“Modern digital infrastructure supports public services, economic diversification and long-term competitiveness across our markets,” the report states.

According to Airtel, digital inclusion extends beyond access to communications services and increasingly serves as a foundation for broader economic participation.

The Airtel report highlights the expanding role of digital financial services in supporting underserved populations and small businesses across its operating markets.

“Access to connectivity creates opportunity, which is translated into financial resilience and sustainable growth through the provision of digital financial services,” Airtel says.

During the reporting period, Airtel Money served more than 54 million customers and processed transactions worth $196 billion.

Mobile money customer penetration increased to 29.5%, while women accounted for 44.1% of Airtel Money users.

The report says the platform enables customers to receive remittances, pay school fees, access short-term credit and manage household finances, while helping small businesses benefit from faster and more secure payment systems.

“By embedding secure, accessible financial tools into everyday life, we’re strengthening economic resilience and enabling broader participation in formal economic systems,” Airtel says.

Beyond financial inclusion, the company says connectivity is becoming increasingly important for education and skills development.

Through its partnership with UNICEF, Airtel connected an additional 1,028 schools to the internet during the reporting year, bringing the total number of schools linked under the initiative to 3,296.

According to the report, 2.1 million schoolchildren accessed internet-enabled educational platforms during the year, while more than 38,800 teachers received training in digital learning tools and resources.

In Nigeria, Airtel expanded support for the Federal Government-backed Three Million Technical Talent (3MTT) initiative through its NextGen by Airtel programme.

The report says the programme aims to train 25,000 young Nigerians across 46 local government areas through 45 applied learning centres nationwide.

Participants are expected to receive training in software engineering, product design, data analytics, digital marketing and other in-demand technology disciplines.

The company says such initiatives are intended to address one of the key barriers to digital inclusion by equipping young people with the skills required to participate meaningfully in the digital economy.

The Airtel Africa Foundation is also supporting wider education and empowerment efforts across the continent.

According to the report, the Foundation funded 257 STEM scholarships across Nigeria, Uganda, Tanzania, Malawi and the Democratic Republic of Congo, while approving the renovation of more than 50 schools.

Airtel says closing Africa’s digital divide will require sustained collaboration among governments, telecommunications operators, development organisations and technology companies.

The report calls for continued investment in digital infrastructure, improved affordability of devices and connectivity services, and expanded digital literacy programmes to ensure more Africans can benefit from opportunities created by digital transformation.