Nigeria's Financial Institutions Lag on Data Localisation Deadline

A survey presented in Lagos at the Central Bank of Nigeria (CBN)–National Information Technology Development Agency (NITDA) Executive Regulatory Dialogue revealed that only 59 per cent of financial institutions in Nigeria expect to complete the necessary measures for data localisation by January 1, 2027. Dr Aminu Lawal, Special Assistant on Digital Transformation to the DG NITDA, noted that out of 44 institutions surveyed, 26 had either completed or were likely to complete the required actions.

However, 15 institutions, representing 34 per cent, indicated they were unlikely to finish by the deadline. Major obstacles identified included uncertainty regarding the definition of payment transaction data and the requirements for data storage and management in Nigeria.

The survey also highlighted a gap between planning and implementation, with only 18 per cent of institutions having started migration or remediation efforts. Despite these challenges, 79 per cent of surveyed infrastructure providers expressed readiness to accommodate additional workloads from the financial sector.