The Central Bank of Nigeria (CBN) has directed banks and payment service providers (PSPs) to store and manage payment transaction data in Nigeria.
In a circular signed by Rakiya Yusuf, director of the payments system supervision department, on Monday, CBN said all financial institutions facilitating payments within Nigeria should ensure that data generated in the country are stored and managed locally in line with applicable data protection laws.
Which is better CBN directs banks, PSPs to store, manage payment transaction data in Nigeria or CBN directs banks, PSPs to store, manage payment data in Nigeria
The requirement will take effect from January 1, 2027.
CBN also directed banks, PSPs and other financial institutions (OFI) with digital payment operations to disclose the ultimate beneficial ownership (UBO) of significant shareholders in line with anti-money laundering and counter-terrorism financing regulations.
The institutions are required to maintain accurate
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