The Central Bank of Nigeria has ruled out an extension of the 1 January 2027, deadline for financial institutions to store and manage payment transaction data generated in Nigeria locally, putting pressure on banks, fintechs and payment service providers to complete their migration plans.
The disclosure was made at the CloudReady Nigeria Financial Services Roundtable, hosted in Lagos by Africa Hyperscalers Company in partnership with 100 Women in Digital Infra, Open Access Data Centres, Layer3, Nobus Cloud Services and the National Information Technology Development Agency..
Director of the CBN’s Payments System Supervision Department, Dr Rakiya Yusuf, reiterated the position in remarks delivered on her behalf by Assistant Director Babatunde Ajiboye at the CloudReady Nigeria Financial Services Roundtable organised by Africa Hyperscalers in Lagos. Yusuf was represented by Ajiboye, Payments Systems Supervision Division, CBN.
“The compliance date hasn’t changed. It is 1 January 2027,” Yusuf said.