CBN's Rakiya Yusuf Advocates Data Localisation in Nigeria

At the CIO & C-Suite Conference and Awards Africa held in Lagos, business leaders and stakeholders underscored the critical role of data localisation in enhancing data security, protecting national interests, and fostering a resilient digital economy in Nigeria. Mrs. Rakiya Yusuf, Director of the Payments System Supervision Department at the Central Bank of Nigeria (CBN), stated that data localisation is essential as digital payments and technologies evolve.

She reiterated the CBN's directive for financial institutions and payment service providers to store relevant payment data in Nigeria, with a compliance deadline of January 1, 2027. This policy aims to safeguard sensitive information and bolster regulatory oversight.

However, Yusuf acknowledged challenges such as unreliable power supply and cybersecurity requirements. Mrs. Jumoke Olaniyan, Group Strategy Officer of NGX Group, emphasized that effective data governance is vital for investor confidence and economic growth, asserting that data strategy should be a core business consideration.