Introduction In a significant policy shift that is set to reshape Nigeria’s financial services landscape, financial institutions and payment ecosystem participants have been directed by the Central Bank of Nigeria (“CBN”) to ensure that all payment transaction data generated within Nigeria are stored and managed within Nigeria. The Directive provides that: “All Financial Institutions and participants facilitating payments within Nigeria shall ensure that payments transaction data generated within Nigeria are stored and managed in Nigeria in accordance with data protection laws and regulations applicable in Nigeria. Accordingly, all affected Financial Institutions shall fully comply with this requirement effective January 1, … Continue reading NIGERIA’S NEW PAYMENT DATA LOCALISATION REQUIREMENT: WHAT FINANCIAL INSTITUTIONS AND FINTECH COMPANIES MUST DO BEFORE JANUARY 2027