New CBN Rule: Banks, Fintechs Will Benefit From Data Localisation, Lower Forex Dependence – Telcos

The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has thrown its weight behind the Central Bank of Nigeria’s (CBN) directive mandating banks, fintech firms and other payment service providers to host payment transaction data within Nigeria, describing the policy as a major step towards reducing foreign exchange exposure and strengthening the country’s digital economy.
The CBN had directed all financial institutions and payment service operators to ensure that payment transaction data generated within Nigeria are stored and managed locally, with full compliance expected by January 1, 2027.
The apex bank said the measure is aimed at enhancing regulatory oversi...