CBN Mandates Banks, Fintechs To Localize Payment Data Within Six Months

The Central Bank of Nigeria (CBN) has issued a six-month ultimatum directing all commercial banks and fintech companies to domesticate their payment processing data within the country. The directive aims to tighten regulatory oversight, enhance national data security, and ensure strict compliance within Nigeria’s rapidly growing financial ecosystem.
Currently, several financial institutions host critical customer and transaction data on foreign cloud servers. Under the new policy, all point-of-sale (PoS), web, and mobile transaction data must be stored and processed within local data centers.
Industry analysts indicate this shift will heavily impact fintech operations. Companies must ...