Nigeria’s banks have largely completed the localisation of their payment transaction data ahead of the Central Bank of Nigeria’s (CBN) January 2027 deadline, but fintech companies, digital banks and other financial institutions that still host data overseas are racing against time to comply, according to Krishnan Ranganath, chief executive officer of UniCloud Africa.
In an interview with BusinessDay, Ranganath said while the CBN’s directive has strengthened interest in local cloud infrastructure, the industry remains in the early stages of implementation as many financial institutions continue to evaluate migration strategies, infrastructure readiness, cybersecurity risks and compliance with the Nigeria Data Protection Act (NDPA).
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“It is still a bit premature. This has been on the cards for some time and is essential not only because of the CBN directive but also in line with NDPA requirements. Many financial services institutions are still weighing their options and assessing the risks and implications,” Ranganath stated.
He said the discussions have yet to translate into major contract awards for cloud providers, adding that, “It is too early to talk about signed contracts. We are still giving potential clients clarity on our infrastructure, data handling processes and NDPA compliance.”
