The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has backed the Central Bank of Nigeria’s (CBN) directive requiring banks and fintechs to host payment transaction data locally.
ALTON Chairman, Mr. Gbenga Adebayo, said this in an interview with the News Agency of Nigeria (NAN) in Lagos yesterday.
His position follows a recent CBN directive mandating that banks, fintechs, and other payment service providers store payment transaction data generated in Nigeria on local servers from January 1, 2027.
The directive forms part of measures aimed at strengthening oversight of the country’s rapidly growing digital payments ecosystem.
Adebayo said data sovereignty required countries to take responsibility for their entire data value chain.
