CBN gives banks and fintechs 6 months to localise payment data
- The CBN has directed banks and payment service providers to store transaction data on local servers by January 1st, 2027.
- The new regulations are part of a broader effort to strengthen oversight of Nigeria's digital payments ecosystem.
- Payment data generated in Nigeria must be stored in compliance with local data protection laws.
The CBN's directive is a proactive step towards enhancing the security and transparency of Nigeria's digital payments landscape. While it may require significant adjustments from fintechs, the long-term benefits of improved consumer protection and regulatory oversight could foster greater trust and stability in the financial ecosystem. Ongoing dialogue with stakeholders will be crucial to ensure smooth implementation and address potential challenges.
