FCMB Calls for Investment in Local Data Infrastructure

First City Monument Bank (FCMB) has emphasized the necessity for investment in local data infrastructure and the meticulous execution of data localisation measures to safeguard customer data and sustain seamless digital banking services. The Bank's Chief Technology Officer, Blessing Ehize, addressed this matter during a panel discussion at the CIO & C-Suite Conference and Awards Africa in Lagos.

Ehize underscored the significance of a risk-based strategy that takes into account data sensitivity, cybersecurity, infrastructure capacity, and service continuity as financial institutions adhere to relevant regulatory guidelines. She also stressed the importance of constructing local infrastructure to support secure and dependable digital financial services as demand escalates.

Beyond physical infrastructure, Ehize highlighted the crucial role of cybersecurity capabilities, technical proficiency, and operational resilience. For customers, these capabilities are vital since digital banking hinges on both the preservation of personal information and dependable access to financial services. Ehize also tackled the necessity to strike a balance between innovation and cost efficiency.

She identified deliberate technology investment, optimal use of existing infrastructure, and appropriate automation as methods that financial institutions can enhance service delivery. She mentioned that technology investments should be evaluated based on their impact on customer experience, operational efficiency, and business performance, in conjunction with security requirements and long-term sustainability.

Ehize further highlighted the importance of cooperation among regulators, banks, fintech companies, data centre operators, and technology providers. By investing in local capacity and executing coordinated implementation, institutions can meet data localisation objectives while preserving the reliability of digital financial services.