CBN’s Data Localisation Must Prioritise Local Technology Providers - Peacepro - Business
CBN’s Data Localisation Policy must prioritise local technology providers - PeacePro Says Use of Foreign technology must strengthen not replace local capacity The Foundation for Peace Professionals (PeacePro) has welcomed the Central Bank of Nigeria’s directive requiring financial institutions and payment service providers to store and manage payment transaction data generated in Nigeria within the country, describing the policy as an important step towards strengthening Nigeria’s digital sovereignty and economic security. The CBN circular, issued on June 15, 2026, sets January 1, 2027, as the deadline for full compliance. The Bank reaffirmed on October 9 that the deadline remains unchanged. PeacePro Executive Director, Abdulrazaq Hamzat, said Nigeria must move beyond being a major consumer of foreign digital services and begin building the infrastructure, technical expertise and domestic industries needed to control and benefit from its growing digital economy. “A country that g...