CBN mandates local data storage for payments
The CBN has directed Nigerian banks and fintechs to store all payment transaction data on local servers from January 1, 2027, enhancing oversight and data Read More: https://punchng.com/cbn-orders-banks-to-localise-payments-data/
The Central Bank of Nigeria has instructed banks and financial technology companies to keep all payment transaction data on local servers starting from January 1, 2027. This directive aims to improve regulatory control and data management. The move is part of broader efforts to ensure data security and compliance. It also reflects the country's push for digital sovereignty. The regulation will affect both traditional banks and emerging fintech firms. The CBN emphasized the importance of data protection and transparency. This policy is expected to shape the future of financial operations in Nigeria.
It impacts how financial data is managed and regulated within the country.
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