CBN Data Localization: Galaxy Backbone Targets Banks, Fintechs

Galaxy Backbone (GBB), Nigeria's digital infrastructure provider, is intensifying its outreach to the country's financial sector. The company is actively engaging with banks, fintech firms, and other financial institutions to encourage compliance with the Central Bank of Nigeria's (CBN) data localization directive.

The CBN's policy requires financial institutions to store payment transaction data within Nigeria's borders. GBB aims to position itself as a key partner in facilitating this requirement, offering solutions for secure and compliant data storage. This initiative is crucial for enhancing data sovereignty and security within Nigeria's rapidly growing digital economy.

GBB recently convened Chief Information Officers, fintech leaders, and technology stakeholders to discuss the implications and implementation of the CBN's data localization rules. The engagement underscores the growing importance of robust digital infrastructure in supporting regulatory compliance and fostering trust in the financial technology ecosystem.