15 Financial Institutions in Nigeria May Miss Data Localisation Deadline

Fifteen out of 44 financial institutions in Nigeria are unlikely to meet the data localisation deadline set for January 1, 2027, according to a NITDA survey.

Survey Findings

This group represents 34% of the respondents. Meanwhile, 26 institutions, or 59%, have either completed the necessary actions or are expected to do so before the deadline. Three institutions could not assess their readiness.

The survey results were presented by Dr. Muhammad Aminu Lawal, special assistant on digital transformation to NITDA's Director-General, at an Executive Regulatory Dialogue in Lagos, convened by NITDA and the Central Bank of Nigeria (CBN).

Implementation Challenges

The survey revealed that 22 institutions had not started implementing the data localisation measures. While 70% of the institutions had identified the data or systems covered by the requirements, only 25% had secured board or executive approval and a budget. Furthermore, 23% had contracted local providers, and 18% had begun migration or remediation.

Unclear rules were cited as a major obstacle, with 64% of institutions seeking a definition of "payment transaction data" and 38% needing clarification on what it means for data to be "stored and managed in Nigeria". Twenty-nine institutions reported that they could not proceed fully without further clarification.

Need for Clarification

The presentation stressed the need for written clarification on the scope of the requirements, clearer transition milestones, an exceptions process, and guidance on existing contracts. Half of the institutions were reportedly working on assumptions while awaiting further details, and 16% had put material work on hold.

Sources

• technext24.com: 15 financial institutions set to miss data localisation deadline, NITDA survey shows
• Vanguard: 22 Financial institutions yet to begin data localisation — NITDA survey
• The Eagle Online: 22 Financial institutions yet to begin data localization as deadline looms — NITDA survey

Prepared with AI from the sources below and our own data, reviewed by the editors before publishing.