Urgent Call for Nigerian Banks to Invest in Scalable Data Centre Infrastructure for Data Localisation

As the January 1, 2027 deadline for the migration of all payment transaction data hitherto hosted outside of Nigeria draws near, Nigerian banks have been urged to invest in scalable data centre infrastructure. According to THISDAYLIVE, this call comes as the Central Bank of Nigeria (CBN) continues to push for data localisation to boost the country’s digital economy. The report suggests that the investment in data centre infrastructure would not only ensure compliance with the CBN’s directive but also provide a more secure and efficient data storage system. The CBN has not said when the facility began operating or how much it would cost banks to invest in such infrastructure. The importance of this issue lies in the potential boost it could give to Nigeria’s digital economy, as well as the security and efficiency improvements it could bring to payment transactions. This story matters to Nigerian readers because it highlights the need for banks to take steps towards data localisation and invest in the necessary infrastructure to ensure compliance with the CBN’s directive and reap potential benefits for the country’s digital economy.