CBN maintains deadline for local data storage
The Central Bank of Nigeria has confirmed the 1 January 2027 deadline for banks and fintechs to store all payment transaction data locally in Nigeria. Read More: https://punchng.com/cbn-maintains-deadline-for-local-data-storage/
The Central Bank of Nigeria (CBN) has reaffirmed that the deadline of 1 January 2027 remains unchanged for financial institutions to store and manage payment transaction data locally. Director Dr Rakiya Yusuf emphasized that compliance must encompass the entire lifecycle of payment data, from generation to disposal. The regulation was announced in a circular from June 2026, mandating institutions to store data domestically.
Yusuf warned that institutions must ensure data integrity and service continuity throughout the migration process. The CBN also urged institutions to review their agreements with cloud service providers to ensure data storage and processing align with the new requirements. The deadline is part of Nigeria's broader initiative to enhance digital sovereignty and bolster local infrastructure.
The discussions at the CloudReady Nigeria Financial Services Roundtable sought to address practical compliance aspects, including data residency, cybersecurity, and business continuity.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
