The Central Bank of Nigeria (CBN) is moving to enforce local storage and management of critical payment transaction data, with banks, fintechs and other regulated financial institutions required to comply by January 1, 2027.
The directive requires payment transaction data generated in Nigeria to be stored and managed locally. However, financial institutions, particularly smaller operators that rely heavily on foreign cloud infrastructure, are facing challenges with migrating systems, reviewing technology arrangements and maintaining service reliability.
The CBN said the policy is aimed at strengthening financial system stability, regulatory oversight and protection of sensitive financial information. A survey by NITDA and the CBN found that only 59 per cent of financial institutions were ready for the January deadline, while regulators urged institutions facing difficulties to engage early with the relevant authorities. Pasted text(20261106-045600)
