Nigerian Banks Face January 2027 Deadline to Move Payment Data HomeNigerian banks, fintech companies and other payment operators are facing increasing pressure as the January 1, 2027 deadline for payment data localisation approaches. The Central Bank of Nigeria has directed financial institutions and payment service providers to ensure that payment transaction data generated in Nigeria is stored and managed within the country. The policy is intended to strengthen oversight, improve data sovereignty and increase control over Nigeria’s fast-growing digital payments ecosystem. However, banks and technology companies have warned that moving large amounts of payment data from foreign cloud environments to local infrastructure within a short period could present technical and operational challenges. Some institutions are considering hybrid or split-cloud systems, where regulated payment data is stored locally while some applications remain on international cloud platforms. Technology experts say this approach could reduce disruption but would also create new technical dependencies. The issue goes beyond simply moving databases. Financial institutions must consider where applications run, where information is processed, where backups are stored and how systems communicate across borders. Industry stakeholders have also raised concerns about the cost of compliance, local infrastructure capacity and cybersecurity risks. The CBN directive affects banks, payment service providers, switching and processing companies, mobile money operators and other licensed participants. As the deadline approaches, financial institutions are expected to accelerate preparations to ensure that customers do not experience disruptions to digital payment services.
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