Industry stakeholders have called for a structured migration framework for the Central Bank of Nigeria’s (CBN) payments data localisation directive, saying phased implementation and clearer technical guidance would help banks and fintechs manage the transition ahead of the January 1, 2027 deadline.
The CBN has directed banks and fintech companies to domicile payments data currently hosted outside Nigeria within the country from January 1, 2027.
The directive is expected to strengthen Nigeria’s digital and financial infrastructure while increasing domestic control over critical payments data.
Speaking at the inaugural GrowthX by TechEconomy conference in Lagos, Blessing Ehize, Chief Technology Officer at First City Monument Bank (FCMB), said the industry remained committed to supporting the policy but would benefit from continued engagement with the regulator.
Ehize said further guidance on technical and operational requirements would help financial institutions align their preparations and develop structured transition plans.
He specifically pointed to the need for clarity around data-hosting requirements, the treatment of different categories of payments data and the use of hybrid-cloud environments.
“As an industry, we are committed to supporting the objectives of the policy. Additional guidance on implementation priorities and technical requirements would help institutions align their plans and execute the transition effectively,” he said.
According to Ehize, financial institutions are already assessing the infrastructure, technology investments and migration strategies required to comply with the directive.
He advocated a phased implementation approach with clearly defined milestones, arguing that such a framework would allow institutions to prioritise investments and manage migration activities more effectively.
“Nigeria has the technical capability to successfully implement data localisation,” Ehize said.
“A phased roadmap with clearly defined milestones would help institutions prioritise investments, manage transition activities effectively and achieve the desired outcomes.”
He added that a structured migration process would help preserve service reliability and customer experience as financial institutions move relevant workloads and data into domestic infrastructure.
Hakeem Adeniji-Adele, Deputy Managing Director of eTranzact International Plc, also supported a phased approach, citing the scale of infrastructure and data involved across the financial services ecosystem.
“A phased migration approach could support effective implementation by allowing institutions to prioritise critical workloads while maintaining service continuity throughout the transition process,” he said.
Adeniji-Adele said the issue was less about the willingness of financial institutions to comply with the directive and more about executing complex data and infrastructure migration while maintaining operational resilience.
He also acknowledged the CBN’s ongoing engagement with financial technology operators, expressing optimism that continued collaboration between regulators and industry stakeholders would support implementation across the ecosystem.
The debate over payments data localisation comes as Nigeria’s financial sector continues to expand its reliance on digital infrastructure, cloud computing and electronic payment platforms.
Moving payments data and associated workloads into domestic infrastructure could require institutions to reassess data-centre capacity, cloud arrangements, cybersecurity systems, network resilience and disaster-recovery capabilities.
For financial institutions, the transition also involves balancing regulatory compliance with the need to maintain uninterrupted payment services.
Panellists at the GrowthX session therefore stressed the importance of coordinated planning, regulatory clarity and clearly defined implementation milestones.
The stakeholders’ position reflects ongoing industry discussions on how the CBN’s localisation objective can be implemented while maintaining the stability and reliability of Nigeria’s digital payments ecosystem.
The discussion was held during GrowthX by TechEconomy in Lagos, where industry leaders examined data localisation, digital infrastructure, security and the future of payments in Nigeria.