How Nigeria’s overlapping data rules affect fintechs and banks
- On June 15, 2026, the Central Bank of Nigeria introduced rules for local data storage by financial institutions.
- The Nigerian government unveiled the National Digital Cloud Policy two months later, focusing on cloud adoption and data sovereignty.
- The CBN is focused on financial stability and operational risk, while NITDA oversees broader technology standards.
The regulatory landscape in Nigeria regarding data localization is complex and requires careful navigation by financial institutions. A clearer division of responsibilities between the CBN and NITDA could enhance compliance and operational efficiency, but the challenge remains in defining the specifics of data management and localization requirements.
