CBN orders banks, fintechs to store payment data locally

The Central Bank of Nigeria (CBN) has issued a directive requiring all banks and fintech companies to store payment transaction data generated within the country on local servers, effective January 1, 2027. This initiative aims to enhance regulatory oversight and ensure that sensitive financial information remains within Nigeria's jurisdiction. The CBN's decision reflects a commitment to strengthening data security and improving the management of financial transactions in the country. Compliance with this directive will be monitored to ensure that all financial institutions adhere to the new regulations.

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