CBN Gives Banks and Fintechs Until January 2027 to Host Payment Data Locally

The Central Bank of Nigeria has directed banks, microfinance banks, mobile money operators and payment service providers to store and manage Nigeria-generated payment transaction data locally. The directive, issued on 15 June 2026, requires full compliance by 1 January 2027. The move aligns with the Nigeria Data Protection Act and reflects a broader push for data sovereignty. Financial data is increasingly being treated as strategic national infrastructure, while other African countries, including Kenya and Rwanda, are pursuing similar policies. For banks and fintechs, the key questions are where their payment infrastructure is hosted, whether their arrangements meet the new rules, and how quickly they can complete any required migration. What do you think will be the biggest challenge: cost, timelines or access to compliant local hosting providers?

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