Open Access Data Centres' Coker Urges Banks to Localize Data

Ayotunde Coker, CEO of Open Access Data Centres, discussed the critical need for banks to adhere to the Central Bank of Nigeria's (CBN) directive on data localization. He stated that full implementation of this directive would compel foreign cloud providers to invest in Nigeria, as they risk losing Nigerian customers.

This shift is expected to attract significant investments, enhance business growth, and improve the efficiency of local data centers. Coker highlighted that compliance with the directive is crucial for financial institutions, which are heavily regulated, particularly regarding cloud hosting of sensitive data.

He noted that many banks currently host their core banking applications on foreign cloud platforms, which poses security risks and undermines Nigeria's sovereignty. Coker also mentioned the rapid growth of data center providers in Nigeria, particularly in Lagos, which is becoming a digital infrastructure hub for West Africa.

Open Access Data Centres is expanding its capacity significantly, aiming for 40 megawatts, alongside other providers like Equinix and Digital Reality.