Nigeria

Central Bank of Nigeria requires local storage of payment data from January 2027

Banks and payment providers must keep Nigerian payment transaction data in Nigeria, a change that affects their cloud and data centre plans.

Photo: Fawaz Onakoya, Pexels

What happened

The Central Bank of Nigeria is requiring financial institutions and participants in the country's payments system to ensure that payment transaction data generated in Nigeria is stored and managed in Nigeria, beginning January 1, 2027. forbesafrica.com The Central Bank of Nigeria and the National Information Technology Development Agency have intensified their appeal to banks, fintech firms and payment service providers to store critical payment transaction data within the country before the deadline. ZAWYA Regulators said the requirement is essential for protecting Nigeria's digital sovereignty, improving oversight of the financial system and safeguarding sensitive customer information. ZAWYA

Around it

Dr Ayotunde Coker, chief executive of Open Access Data Centres, says engagement with companies seeking local infrastructure has increased since the directive. forbesafrica.com The renewed push came during a regulatory dialogue on the National Sovereign Cloud Initiative and data localisation held in Lagos, where Deputy Governor Lamido Yuguda described data as a strategic national asset. ZAWYA

What comes next

The compliance deadline for storing payment transaction data in Nigeria is January 1, 2027. forbesafrica.com+1

Sources

  1. forbesafrica.comAfrica's Data Centers: Plugged Into Progress (opens in a new tab)
  2. ZAWYACentral Bank of Nigeria, NITDA renew call for local storage of payment data as January 2027 deadline nears (opens in a new tab)

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