Data Localisation: 57% Of Banks Ready As CBN Sets January 2027 Deadline

The Central Bank of Nigeria (CBN) and the National Information Technology Development Agency (NITDA) have disclosed that 57 per cent of financial institutions surveyed are ready to comply with Nigeria’s payment data localisation policy ahead of the January 1, 2027 deadline.
The regulators said efforts were ongoing to ensure full compliance across the financial sector, warning that institutions that deliberately fail to meet the requirements could face sanctions.
The Director of the CBN’s Payment System Supervision Department, Dr Rakiya Yusuf, and the Director-General of NITDA, Kashifu Inuwa, disclosed this on Wednesday at an Executive Regulatory Dialogue on the National Sovereign Clou...