NGThe Central Bank of Nigeria (CBN) has mandated banks, fintech firms, and other payment service providers to store all payment transaction data generated within the country on local servers starting January 1, 2027. This directive aims to enhance oversight of the rapidly expanding digital payments sector. The circular, issued by the CBN’s Payments System Supervision Department, outlines additional regulatory measures including new market structure rules, beneficial ownership disclosure requirements, and systemic oversight mechanisms. These reforms were introduced due to the significant growth,
Bias read (Center): The article presents a factual summary of a regulatory directive issued by the Central Bank of Nigeria without apparent ideological framing. It does not exhibit biased language, selective sourcing, or omission of context. The content focuses on policy implementation and technical compliance rather
