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BusinessDay
CBN ends offshore payment processing as banks, fintechs face 2027 data localisation deadline
The Central Bank of Nigeria (CBN) has effectively drawn the curtain on the era of offshore payment processing, directing banks, fintech companies and other payment service providers to store all payment transaction data generated within Nigeria on local servers from January 1, 2027. The directive, contained in a circular issued by the apex bank's Payments System Supervision Department, marks one of the most significant regulatory...
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