Only 59% of financial institutions in Nigeria are expected to complete data localization requirements by January 1, 2027, according to a survey conducted in Lagos. The findings were shared during the Central Bank of Nigeria–National Information Technology Development Agency Executive Regulatory Dialogue.
The survey highlights concerns about the readiness of financial institutions to comply with data localization laws. These laws require companies to store data locally, enhancing data security and regulatory control. The low percentage indicates potential challenges in implementation.
Data localization has been a key focus for Nigerian regulators aiming to boost digital infrastructure and protect citizen data. The deadline marks a critical point for financial institutions to adjust their systems and processes. The survey underscores the need for additional support and resources to ensure compliance.
The Central Bank of Nigeria and NITDA have been working together to guide institutions through the transition. Despite efforts, the low readiness rate suggests gaps in understanding or capacity. The situation may affect the country’s digital growth and regulatory compliance.
The findings reflect broader challenges in implementing tech-driven policies in Nigeria. As the deadline nears, the focus will shift to addressing these gaps and ensuring smoother compliance.
