Nigeria is asking banks, fintechs, and payment companies to keep more data at home just as the government builds a broader framework for cloud infrastructure and data sovereignty. The question is not whether Nigeria wants localisation. It does. The question is whether two regulators, working from different mandates, can implement it without creating a costly compliance maze.
On June 15, 2026, the Central Bank of Nigeria (CBN) introduced rules requiring financial institutions and payment system participants to store and manage payment transaction data generated in Nigeria locally by January 1, 2027. Two months later, the Nigerian government unveiled its National Digital Cloud Policy, creating a broader framework for cloud adoption, data classification, cybersecurity and digital infrastructure.
Both frameworks share the premise that critical digital infrastructure should not sit entirely beyond Nigeria’s regulatory reach. But their mandates differ. The CBN is concerned with financial stability, payment systems, and operational risk. National Information Technology Development Agency (NITDA)’s role is broader, covering technology standards, cloud infrastructure and digital systems.
Awe told me that the situation can be a bit of a puzzle, but he sees the tension less as a clash between regulators than as a question of how their mandates overlap. “I look at it more as a question of regulatory overlap,” he said.
Originally published by TechCabal.