The Central Bank of Nigeria’s directive requiring payment transaction data generated within the country to be stored locally is expected to create new opportunities for domestic technology firms and accelerate investment in digital infrastructure, according to the co-founder of GFA Technologies Group, Adebola Omololu.
The CBN recently directed banks, fintech companies, mobile money operators and other payment service providers to ensure that payment transaction data generated within Nigeria is stored and managed locally in line with applicable data protection regulations, with full compliance expected by January 1, 2027.
Omololu said in a statement on Monday that the policy could create long-term demand for local data centres, cloud services and other digital infrastructure.
“The CBN Data Localisation Directive should therefore be viewed not simply as a compliance requirement, but as a catalyst for Nigeria’s next phase of digital infrastructure development,” Omololu said.
According to him, the directive has the potential to
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