{
  "id": 9433551,
  "title": "Coker: Banks Must Act Now on Data Localisation",
  "url": "https://urgent.news/2026/09/23/coker-banks-must-act-now-on-data-localisation",
  "topic": "tech",
  "section": "Tech",
  "published": "2026-09-23T23:00:00.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/09/24/coker-banks-must-act-now-on-data-localisation/"
  },
  "original_language": "en",
  "account": "Ayotunde Coker, CEO of Open Access Data Centres, stresses the urgency for banks to promptly comply with the Central Bank of Nigeria's (CBN) directive on data localisation and the potential positive consequences for Nigeria's economy and businesses. By January 1, 2027, all financial institutions must host their payment data within Nigeria. This move could send a strong message to foreign cloud providers that they risk losing Nigerian customers if they fail to invest in the country or partner with local cloud providers. In turn, this could attract more investments, boost the efficiency of data centres, and significantly contribute to economic growth. Despite some banks' reluctance to return data hosted overseas, non-compliance to the directive could lead to consequences, as Nigeria's banking sector is highly regulated. OADC, a leading data centre provider in Nigeria, has the capacity to host the data currently stored abroad and is expanding rapidly. The company has partnerships with major network providers, interconnection points, and internet exchanges, ensuring efficient data connectivity and security. The directive's adherence level cannot be determined until after its implementation date, but OADC is already witnessing an increased interest from fintech companies and financial institutions in their co-location cloud services.",
  "summary": "CEO, Open Access Data Centres, Ayotunde Coker, speaks about the need for banks to be active in carrying out CBN’s directive on data localisation, its impact on Nigeria’s economy and",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}