The First City Monument Bank (FCMB) has referred to as for stronger collaboration amongst monetary establishments, know-how firms, regulators and infrastructure suppliers to advance data localisation in Nigeria, highlighting its significance in strengthening data sovereignty, cybersecurity and belief in digital monetary companies.
The Chief Technology Officer of FCMB, Blessing Ehize, made the decision at GrowthX by Techeconomy 2026, held in Lagos just lately with the theme “Driving Digital Growth Through Innovation and Collaboration.”
Speaking throughout a panel session titled “Data Localisation, Security & Future of Payments in Nigeria,” Ehize stated native data infrastructure needs to be seen not merely as a regulatory requirement however as a chance to strengthen Nigeria’s digital capabilities and assist the expansion of its digital financial system.
She famous that attaining the aims of data localisation would require sustained funding in infrastructure, cybersecurity, operational resilience and technical experience to be certain that domestically hosted data can assist safe, dependable and scalable digital companies.
“Data localisation presents both an opportunity and a responsibility for Nigeria’s digital ecosystem. Beyond meeting regulatory requirements, we need to build the infrastructure, resilience, cybersecurity capabilities and talent required to ensure that local data infrastructure can support secure and reliable digital services at scale,” Ehize stated.
She added that collaboration amongst banks, fintech firms, know-how suppliers, regulators and infrastructure operators can be important to constructing the capabilities required to assist native data administration and safe digital transactions.
According to her, efficient implementation may strengthen digital belief and set up a extra resilient basis for Nigeria’s digital financial system.
The discussions additionally examined the implications of the Central Bank of Nigeria’s data localisation directive for banks, fintech firms and fee service suppliers, notably its potential results on data sovereignty, digital identification, shopper safety, infrastructure funding and working prices.
GrowthX by Techeconomy 2026 introduced collectively stakeholders from monetary companies, fintech, know-how, digital infrastructure and cybersecurity to study the alternatives and challenges shaping Nigeria’s digital future.
The inaugural convention featured discussions on data localisation, digital funds, synthetic intelligence, cybersecurity and the economics of fintech, offering a platform for business members to alternate views on how know-how can assist sustainable and inclusive financial development.
Speaking on the importance of the occasion, Peter Oluka, Founder and Editor-in-Chief of Techeconomy and convener of GrowthX, stated the platform was established to encourage significant conversations and collaboration amongst stakeholders shaping Africa’s digital future.
Oluka stated the discussions have been designed to transfer past basic conversations about know-how and deal with sensible points affecting organisations constructing, regulating, funding and utilizing digital companies in Nigeria.
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