CBN Data Localisation Rule Sparks Fresh Push for Local Cloud Services
Nigeria’s technology sector is witnessing increased activity following the Central Bank of Nigeria’s directive requiring banks, fintech companies and payment service providers to store payment transaction data on local servers.The new policy has prompted technology firms to expand local cloud infrastructure and digital hosting services to help financial institutions comply with the regulation before its implementation deadline. Industry experts say the move is expected to strengthen data security, improve regulatory oversight and reduce dependence on foreign data centres.
Technology providers have also highlighted the potential economic benefits of the policy, noting that increased investment in local data centres could create jobs, boost innovation and accelerate Nigeria’s digital transformation. Stakeholders believe the directive will encourage greater confidence in Nigeria’s technology ecosystem while supporting the growth of indigenous cloud service providers.Industry leaders say collaboration between regulators, financial institutions and technology companies will be key to ensuring a smooth transition as organisations prepare to migrate critical payment data to locally hosted infrastructure.
