Experts in the financial services and technology sectors have called for stronger collaboration among banks, fintech companies, regulators and infrastructure providers to accelerate Nigeria's digital transformation and strengthen the country's digital economy.
They made the call on Wednesday at GrowthX by Techeconomy 2026, in Lagos, where industry stakeholders examined the opportunities and challenges associated with digital infrastructure, cybersecurity, artificial intelligence and financial technology.
Speaking during a panel session titled "Data Localisation, Security and Future of Payments in Nigeria," the Chief Technology Officer of First City Monument Bank (FCMB), Blessing Ehize, said data localisation should be viewed not only as a regulatory requirement but also as an opportunity to strengthen Nigeria's digital infrastructure and build public confidence in digital financial services.
Ehize said achieving the objectives of data localisation would require investment in infrastructure, cybersecurity capabilities and technical expertise to support secure and reliable digital services. "Data localisation presents both an opportunity and a responsibility for Nigeria's digital ecosystem.
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Beyond meeting regulatory requirements, we need to build the infrastructure, resilience, cybersecurity capabilities and talent required to ensure that local data infrastructure can support secure and reliable digital services at scale," she said.
She added that collaboration among banks, fintech companies, technology providers, regulators and infrastructure operators would be critical to strengthening digital trust and building a more resilient digital economy.
The panel examined the implications of the Central Bank of Nigeria's data localisation directive for banks, fintech companies and payment service providers, including its potential impact on data sovereignty, digital identity, cybersecurity, consumer protection, infrastructure investment and operational costs.
The discussions also highlighted the need to balance regulatory compliance with the cost of building and maintaining the infrastructure required to support digital financial services.
As financial institutions and fintech companies expand their digital offerings, industry stakeholders face the challenge of ensuring that customer information is adequately protected while maintaining reliable payment systems and accessible financial services.
Speaking at the conference, Peter Oluka, founder and editor-in-chief of Techeconomy and convener of GrowthX, said the platform was established to promote meaningful engagement and collaboration among stakeholders shaping Africa's digital future.
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He said the discussions were designed to address practical challenges confronting businesses, regulators, investors and consumers rather than focus solely on broad conversations about technology.
The inaugural conference, held under the theme "Driving Digital Growth Through Innovation and Collaboration," brought together industry leaders and experts from the financial services, fintech, technology, digital infrastructure and cybersecurity sectors.
Other areas examined included digital payments, artificial intelligence, cybersecurity, digital infrastructure and the changing economics of fintech.
The conference provided a platform for stakeholders to exchange perspectives on how technology and collaboration could support sustainable and inclusive economic growth.
For Nigeria, the discussions come amid increasing reliance on digital platforms for financial transactions and business operations, making infrastructure investment, data security and regulatory compliance important considerations for the sector.
FCMB's participation reflected its engagement with industry discussions on innovation, digital transformation and the future of financial services.
