The Central Bank of Nigeria (CBN) has directed banks, fintechs, mobile money operators, and other payment service providers to store payment transaction data generated within Nigeria on local servers. Operators have until January 1st, 2027, to comply.
The move is part of a broader regulatory push to strengthen oversight of the country’s fast-growing digital payments ecosystem.
The directive, contained in a circular signed by Rakiya Yusuf, the apex bank’s Director of Payments System Supervision Department, introduces new market structure requirements, data localisation rules, ultimate beneficial ownership (UBO) disclosure obligations, and systemic oversight measures for payment system participants.
Payment data must stay in Nigeria
Under the new framework, all entities facilitating payment transactions in Nigeria must ensure that transaction data generated locally is stored and managed within the country in line with Nigerian data protection laws. The CBN said the requirement is aimed at improving regulatory visibility, strengthening consumer protection, and reducing operational risks associated with offshore data storage.
Read more: https://techpoint.africa/news/localise-payment-data-cbn-tells-fintechs/
