Stories Tagged #Payment Systems

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• CBN Orders Banks, Fintechs to Localize Payment Data by 2027 Deadline; Industry Readiness Lags Behind

  The Central Bank of Nigeria has mandated that payment transaction data generated in the country be stored and managed locally, with compliance taking effect on January 1, 2027. However, a NITDA survey reveals that only 59% of responding financial institutions are on track to meet the deadline, while 22 institutions have not even begun implementation.