Stakeholders Fault CBN’s January Timeline on Data Localisation, Call for Extension
Emma Okonji Industry stakeholders have raised the concern over the January deadline given by the Central Bank of Nigeria (CBN) on data localisation. CBN had directed all Fintech companies to
Central Bank of Nigeria (CBN) has set an aggressive January 2027 deadline for financial technology (Fintech) companies to relocate all payments data hosted outside Nigeria to local servers. This directive has drawn criticism from industry stakeholders who argue that the timeline is unrealistic and could lead to service disruptions and non-compliance.
At a panel discussion during the GrowthX Forum in Lagos, stakeholders expressed concerns over the six-month deadline, warning that it is too short to achieve full data localisation. They cited infrastructure constraints, technical migrations, rising compliance costs, and CBN's lack of effective engagement as major hurdles. CBN's failure to provide a clear roadmap and a phased implementation plan has left stakeholders wary, with some fearing the directive may lead to superficial compliance rather than genuine operational resilience.
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