CBN data localisation push raises concerns among fintech executives
- The CBN's directive requires all payment-related data to be stored and processed within Nigeria by January 2027.
- Fintech executives express concerns about the local data ecosystem's readiness to handle the migration of payment data.
- Most fintechs currently rely on global cloud providers like AWS and Microsoft Azure for transaction processing.
The CBN's directive, while well-intentioned, may lead to significant operational challenges for fintechs if local infrastructure is not adequately prepared. The transition period is short, and without rigorous testing and support from local providers, the risk of service disruptions could undermine the very goals of enhancing Nigeria's payment system integrity and resilience.
