Nigeria prepares to host financial data locally from 2027
By the AFREEQUE newsroom, based on ThisDay
Nigeria’s central bank and national digital agency are accelerating implementation of the sovereign cloud and localisation of financial data before 1 January 2027. The authorities brought together banks, regulators and providers in Lagos to prepare for the migration of critical data, according to This Day.
The Central Bank of Nigeria (CBN) and the National Information Technology Development Agency (NITDA) are preparing, with Africa Hyperscalers, to migrate critical financial data to infrastructure located in Nigeria before 1 January 2027. CBN Deputy Governor in charge of financial system stability, Lamido Abubakar Yuguda, said payment transaction data would have to be stored and managed in the country by that deadline.
The system must also cover cybersecurity, business continuity, disaster recovery and the management of risks linked to technology providers, Yuguda said at a forum held in Lagos. NITDA Director-General Kashifu Inuwa Abdullahi said the objective was to strengthen national capabilities without isolating Nigeria from global technologies.
CBN Director of the Payment System Supervision Department Rakiya Opemi Yusuf asked financial institutions to report on their progress. She invited those facing migration or contractual difficulties to present compliance plans and proposed solutions.
The implementation concerns Nigeria’s National Sovereign Cloud Initiative and payment data localisation requirements, discussed with financial institutions, regulators and digital infrastructure providers, according to ThisDay.
