The Central Bank of Nigeria (CBN) has announced the termination of offshore payment processing, a move that requires banks and fintech companies to comply with new regulations. This decision comes as part of a broader initiative to ensure that all financial data is localized within Nigeria by the year 2027. Financial institutions are now tasked with adapting their operations to meet these requirements, which aim to enhance data security and promote local economic growth. The CBN's directive marks a significant shift in the regulatory landscape for the financial sector in Nigeria.
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