How Nigeria’s overlapping data rules affect fintechs and banks

Nigeria is asking banks, fintechs, and payment companies to keep more data at home just as the government builds a broader framework for cloud infrastructure and data sovereignty. The question is not whether Nigeria wants localisation. It does. The question is whether two regulators, working from different mandates, can implement it without creating a costly compliance maze.

On June 15, 2026, the Central Bank of Nigeria (CBN) introduced rules requiring financial institutions and payment system participants to store and manage…