57% of Financial Institutions Ready for Data Localisation Deadline.
CBN: 57% of Financial Institutions Ready for Data Localisation Deadline • Expects compliance with January 2027 deadline, warns of sanctions for deliberate non-compliance •NITDA: 326 MDAs spent N3.8trn on technology in 3 Years Nume Ekeghe Central Bank of Nigeria (CBN) • Expects compliance with January 2027 deadline, warns of sanctions for deliberate non-compliance •NITDA: 326 MDAs spent N3.8trn on technology in 3 Years Nume Ekeghe Central Bank of Nigeria (CBN) and National Information Technology Development Agency (NITDA) have disclosed that only 57 per cent of financial institutions are ready for the country’s data localisation requirements, but expressed optimism that the industry would meet the January 1, 2027 deadline.
The regulators gave the indication yesterday at the Executive Regulatory Dialogue on National Sovereign Cloud Initiative (NSCI) and Data Localisation Implementation in Lagos, where they engaged banks, fintechs, payment infrastructure providers, and other stakeholders on compliance expectations.
With less than three months to the deadline, the regulators said they were prioritising engagement and guidance to help institutions close gaps in their preparedness, warning, however, that deliberate non-compliance would attract sanctions.
CBN issued a circular on June 15, 2026, introducing requirements covering data localisation, market structure, ultimate beneficial ownership disclosure, and systemic oversight in Nigeria’s payments system. Under the directive, regulated institutions were expected to ensure that critical payment transaction data generated in Nigeria were stored and managed locally, with compliance required from January 1, 2027. Speaking at the dialogue, Director of the Payments System Supervision Department, CBN, Rakiya Yusuf, said the engagement was intended to clarify the requirements and help stakeholders prepare adequately for implementation. Yusuf said a survey conducted ahead of the meeting showed that more than half of the industry was ready.
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