The Central Bank of Nigeria (CBN) directs Nigerian banks and fintech companies to store payment transaction data generated in Nigeria on local servers. The order takes effect from January 1, 2027, requiring regulated entities to keep the relevant data within the country rather than processing or holding it solely outside Nigeria. The CBN says the move is intended to improve oversight of payment transactions and strengthen control over how data is managed.
Both reports describe the directive as applying to banks and fintechs involved in payment activities, with the shared focus on local storage of payment transaction data starting in 2027. While the articles emphasize the regulatory objective of enhanced monitoring and governance, they do not add further details on enforcement steps, penalties, or specific technical requirements. The announcements represent a policy shift in how payment-related data is handled by financial institutions and payment service providers operating in Nigeria.
