Galaxy Backbone Targets Banks Post CBN Data Directive

Galaxy Backbone is intensifying its efforts to attract banks and fintech financial institutions to its digital infrastructure services following a directive from the Central Bank of Nigeria (CBN). This directive mandates that payment transaction data generated within Nigeria be stored on local servers to strengthen regulatory oversight, improve transparency, and reduce risks.

During a second-quarter webinar themed "Building Digital Trust in Nigeria's Financial Sector," Galaxy Backbone's Executive Director of Finance, Ibrahim Sani, stressed the need for trust in digital infrastructure to support secure and reliable financial services. The organization continues to provide digital backbone support to both public and private sector institutions, including several financial institutions that rely on its secure cloud data center services.

The webinar also featured discussions on compliance with CBN directives and the importance of resilient infrastructure to meet evolving regulatory requirements. Galaxy Backbone's commitment to supporting the financial services industry was reaffirmed by Executive Director Olusegun Olulad, who noted the increasing digitization of Nigeria's financial ecosystem.