Stakeholders advocate phased approach to payments data localisation - ITREALMS

The Chief Technology Officer of First City Monument Bank (FCMB), Blessing Ehize, has welcomed the Central Bank of Nigeria's (CBN) payment data localisation directive, describing it as a vital step toward strengthening Nigeria's digital and financial infrastructure while emphasizing the value of continued industry engagement ahead of the January 2027 compliance deadline, reports ITREALMS.

The CBN has directed banks and fintech companies to ensure that all payment data currently hosted outside Nigeria is domiciled within the country by January 1, 2027.