Dr. Bosun Tijani, Honourable Minister of Communications, Innovation and Digital Economy, and Abimbola Salu-Hundeyin, Secretary to the State’s Government, Lagos State, during a tour of the MTN Sifiso Dabengwa Data Centre in Ikeja.
Nigeria’s financial services industry stands at a decisive crossroads as technology leaders prepare for the January 1, 2027, data residency deadline set by the Central Bank of Nigeria.
The regulatory mandate requiring all payment transaction records, customer personally identifiable information (PII), and account ledgers to reside within domestic data centers is forcing a structural re-evaluation of banking IT architectures. For executive teams across the country, navigating this transition without interrupting daily banking operations is becoming the ultimate test of leadership.
For years, the industry’s reliance on foreign hyperscale providers delivered quick elasticity and global tools. However, transferring entire production stacks -encompassing real-time transaction processing, API gateways, and fraud scoring engines – back to local infrastructure requires significant engineering effort.
With the country handling billions of electronic transactions annually, CIOs are seeking to preserve system uptime while severing deep operational dependencies on foreign data centers.
Experts have opined that the core challenge confronting financial technology teams is the lack of empirical, vendor-neutral benchmarks for domestic cloud platforms.
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Read Full Article by Chinwe Michael at businessday.ng
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