Banks seek more time for CBN data localisation

Banks and fintech companies in Nigeria are seeking additional time to comply with the Central Bank of Nigeria's (CBN) data localisation directive, which mandates that payment transaction data generated in Nigeria must be stored and managed within the country by January 2027. The directive aims to strengthen regulatory oversight, improve data sovereignty, and reduce reliance on foreign infrastructure.

However, industry executives argue that the six-month deadline is too short for the complex migration of large volumes of financial data from overseas cloud environments to local infrastructure. At the recent inaugural GrowthX by Techeconomy and TiLAwards in Lagos, the industry called for clearer regulatory guidance and a phased implementation of the policy.

The CBN's directive involves more than just moving databases; it requires changes to cloud architecture, disaster-recovery systems, connectivity, cybersecurity controls, and core technology infrastructure while maintaining uninterrupted services for customers. Industry leaders emphasize the need for regulatory clarity and a structured implementation roadmap to avoid operational risks.

Brief written by urgent.news from Punch's own syndicated text. Machine-written — may contain errors; check the original before relying on it.