New CBN data policy: Putting the cart before the horse

On 15 June 2026, the Central Bank of Nigeria issued circular PSS/DIR/PUB/CIR/001/004, signed by Dr Rakiya Yusuf, Director of the Payments System Supervision Department, directing financial institutions to localise payment data. The circular signals a new posture of systemic oversight, under which the largest fintechs would be supervised as critical financial infrastructure rather than as […]