The Federal Government-owned Galaxy Backbone has intensified efforts to attract banks, fintechs and other financial institutions to its digital infrastructure services following the recent directive by the Central Bank of Nigeria requiring payment transaction data generated within the country to be stored on local servers.
The move was disclosed in a statement issued by Galaxy Backbone on Monday after the organisation hosted chief information officers from banks, fintech firms and other technology stakeholders at its second-quarter webinar on digital trust, regulatory compliance and infrastructure resilience.
The statement said the webinar, themed “Building Digital Trust in Nigeria’s Financial Sector: Navigating Regulatory Compliance and Infrastructure Performance,” focused on the growing need for secure digital infrastructure as financial institutions adjust to evolving regulatory requirements and increasing digital adoption.
According to the statement, the event came as the CBN directed banks, fintech companies, mobile money operators and other payment service providers to store payment transaction data generated within Nigeria on local servers.
“The policy is intended to strengthen regulatory oversight, improve transparency, reduce concentration risks and ensure that critical payment data remains within the country’s jurisdiction,” the statement read.
