This discussion has gathered pace since the CBN directed banks, fintechs and other financial institutions to store payment data in Nigeria by January 2027.

The policy aims to improve oversight and ensure sensitive financial information remains under Nigerian jurisdiction.

While founders say they understand the push for stronger oversight and data sovereignty, many are also asking whether the country’s digital infrastructure is ready for such a transition.

Chibueze Damian, founder and CEO, Paymita, said his first reaction was concern.

“While I understand the objective of improving data sovereignty and regulatory oversight, Nigeria’s data centre ecosystem is still not there yet and also it is still developing and may not yet offer the same scale, reliability, redundancy, and cost efficiency available in some global cloud environments.”

Damian said infrastructure reliability is very critical for fintech businesses whose services depend on uninterrupted operations.

“Any policy that limits infrastructure choices without equivalent local alternatives could increase costs and operational risks.”

Still, he believes the CBN directive for data localisation could provide long-term benefits if it attracts sustained investment into Nigeria’s digital infrastructure.

“At the same time, I see the policy as an opportunity to bring in investment in Nigeria’s digital infrastructure over the long term.”

Roosevelt Elias, founder and CEO of Payble, views the directive differently. In his opinion, the CBN is not introducing a new policy but enforcing a direction it has signalled for years.

“This is not new policy. The CBN has signalled data localisation intent for years. What this circular does is put a deadline behind it, and that is the right move. A regulator that issues a directive and actually enforces it is better for the sector than one that files its own circulars away and moves on.”

He believes the conversation goes beyond data sovereignty and touches the structure of Nigeria’s digital economy.

“Nigeria loses an estimated $850 million annually in cloud revenue to foreign providers. That money funds data centres in Ireland and Virginia, not Lagos.”

Damian said regulators are ultimately aiming for stronger data security, regulatory access and better control over sensitive payment information. However, he stressed that local infrastructure must be able to meet the demands of fast-growing fintech companies if the policy is to achieve its goals.

He expects the first impact to be felt in infrastructure planning and compliance spending.

“Fintechs may need to review their hosting arrangements, data architecture, and partnerships to ensure compliance with the directive.”

Roosevelt also pointed to the fact that one of the biggest weaknesses in Nigeria’s payments ecosystem is not fraud but fragmented transaction records spread across different systems.

“A significant share of transaction data in Nigeria sits across fragmented processors and poorly reconciled systems. That makes it nearly impossible to detect systemic risk before it builds.”

The result, he said, is that many businesses process significant transaction volumes but remain invisible to lenders.

“The most consistent pattern I see is businesses doing real transaction volume with no credit identity, not because they are not creditworthy, but because their financial history never cohered into something a bank could read or act on.”

While he considers the CBN data localisation policy an important step, he cautioned that location alone will not solve every problem.

“The directive does not mandate standardised data formats or API-level regulatory access, and those things matter as much as geography.”

On the issue of compliance, both founders expect additional costs. Damian believes fintech firms will need to reassess their hosting arrangements and data architecture before the deadline arrives.

Roosevelt said the migration itself is manageable because domestic data centre providers already operate in Nigeria and additional capacity is being developed. His bigger concern is the recurring compliance burden that follows.

“The harder cost is the one that does not appear in any infrastructure budget: the compliance audit trail.”

He said ongoing security certification and audit requirements could become a permanent operational expense, especially for smaller operators without dedicated compliance teams.

Despite their concerns, both founders believe the directive could strengthen Nigeria’s fintech ecosystem if infrastructure investment keeps pace with regulation.

“I believe it can strengthen the ecosystem in the long term if accompanied by significant investment in local data centre capacity and reliability,” Damian said.

“Without that support, smaller startups may face higher costs and operational challenges that could slow innovation and growth in Nigeria fintech space.”

For Roosevelt, the biggest test electricity supply and operating conditions for data centres.

“The risk is on the power side. Nigerian data centres currently run diesel backup that can account for up to 40% of operating costs.”

He believes the next two years will determine whether the policy delivers lasting infrastructure improvements or simply increases costs for operators.

With the January 2027 deadline in sight, financial institutions are beginning to prepare for payment data to remain within Nigeria’s borders, but then, the infrastructure needed to support that purpose should be made ready in time.

The post Fintech Founders Welcome CBN’s Data Localisation Order but Worry about Execution Costs appeared first on Tech | Business | Economy.

The latest episode of TECH TALK LIVE available onYouTube  and  Spotify featuring industry expert Roosevelt Elias, founder of Payble, takes a deep dive into strategies for maintaining efficiency while protecting personal well-being.

The Reality of Workplace Stress

Studies reveal that 77% of employees experience work-related stress, with 33% reporting extreme levels of burnout. In Nigeria, long working hours and unrealistic expectations contribute to workplace fatigue, affecting productivity and job satisfaction.

Key Insights from TECH TALK Episode 2

1. Time Management and Prioritization

The panelist stressed that effective time management can enhance productivity without leading to exhaustion.

According to research, professionals who use time-blocking techniques are 38% more efficient than those who multitask.

2. Leveraging Technology and Automation

The episode hosted by Clara Chukwu, corporate lead at HH Holdings Group, explored how AI-driven tools streamline workflows, allowing employees to focus on high-value tasks. Reports indicate that businesses using automation technologies experience a 20–50% increase in operational efficiency, reducing unnecessary workload.

3. Setting Boundaries to Prevent Burnout

A survey shows that over 60% of workers struggle to maintain work-life boundaries. Experts on TECH TALK emphasized the need for clear work schedules and intentional downtime, helping individuals sustain career success without sacrificing well-being.

4. Success Stories in Work-Life Balance

Real-life examples shared on the episode prove that productivity does not require overworking.

High-performing professionals who practice flexible schedules and mindful work strategies report higher job satisfaction and improved health.

The Future of Work-Life Balance

As work environments continue evolving, companies must prioritize employee wellness alongside productivity. Nations that adopt workplace flexibility policies see a 22% boost in workforce efficiency and reduced burnout rates.

For those seeking practical strategies to enhance productivity while maintaining a healthy work-life balance, Techeconomy TECH TALK Episode 2 provides invaluable guidance.

*TECH TALK LIVE is powered by Techeconomy and HH Holdings Group

The post TECH TALK LIVE: Mastering Productivity and Work-Life Balance appeared first on Tech | Business | Economy.

The event brought together thought leaders and professionals from various sectors of the payment sector, offering insights, strategies, and solutions to the challenges faced in an increasingly digitized financial industry.

Setting the ball rolling in his keynote presentation, Mr. Festus Amede, chairman of the Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI), outlined the importance of implementing robust security measures to protect sensitive financial data in the face of emerging threats. 

Amede, who doubles as the chief information security officer of Zenith Bank was represented by Mr. Olusola Adediran, a member of CCISONFI and the chief information security officer of Nigeria Inter-Bank Settlement System (NIBSS), noted, “When discussing topics like security and privacy in business, it’s essential to shift our focus towards events that emphasize trust, security, and privacy.”

He further delved into the complexities of online transactions, emphasizing the need for continuous adaptation and innovation to mitigate risks.

Amede also explained the role of technology in enhancing security protocols and safeguarding against fraudulent activities.

A well-recognized solution in the financial sector is Moniepoint MFB, the key sponsor of PAFON 1.0. 

Ikenna Ndugbu, chief compliance officer, represented by Isoken Aigbomian, regional sales Manager, Moniepoint, highlighted the evolution of Moniepoint into a leading payment processor, stating, “We started off with a virtual account service where we automated payments or transfers, allowing customers and businesses to make and receive payments seamlessly through transfers. This was what catapulted and was modified into the limelight and household name that seems to be.”

Aigbomian emphasized the company’s focus on providing flexible payment options to businesses across various sectors, stating, “Today, Moniepoint offers a wide variety of payment options to businesses. There is an online payment platform, in-person payments option and then there are the cash payments via our ATM network, which is almost, I think, one of the largest, as well.”

She explained how Moniepoint MFB identified the need for a seamless payment experience and developed innovative solutions to address it. “So what we did was we looked inward, and we said the most popular means of payment in Nigeria is transfer. So we worked with our engineers and were able to build an infrastructure.”

She concluded by highlighting the company’s reliability and commitment to customer satisfaction, “Beyond being highly reliable, we have the experience of less than 1% failure rate meaning entrusting us with your payment services will ensure a 99.9% success trust so simple transaction at any point in time and because selection becomes smoother, your business operations become smoother and it’s basically the best for any business to date.”

PAFON 1.0 featured discussions on various entangled topics ranging from AI-driven payment solutions to the challenges brought by cyber threats. 

Speakers highlighted the importance of consumer trust, data privacy, and regulatory compliance in facilitating a secure payment ecosystem. 

The need for collaboration among industry stakeholders to address emerging challenges effectively was emphasized. 

Roosevelt Elias, Founder of Payble, noted the importance of data privacy and security in the age of digital payments, stating, “It is essential to preserve the details of such trusted transactions, as they often hold significant importance for the company’s outcomes and operations.” 

He endorsed for cautious use of data and highlighted the need for AI encryption and compliance-based companies to protect user privacy and ensure regulatory compliance.

On the other hand, Peter Evbota, sales director at inq. Digital Nigeria Limited, spoke on artificial intelligence (AI) and its ability to transform sectors, particularly in data analytics and security. 

He emphasized the power of AI in processing both structured and unstructured data, highlighting its ability to detect patterns and provide valuable insights. 

However, he also warned of the security risks associated with AI, stressing the need for strong security measures and regulatory compliance in the financial sector.

In a goodwill message, Mr. Lucas Ajanaku, vice chairman of the Nigeria Information Technology Reporters Association (NITRA), represented by Chidiebere Nwankwo, NITRA Secretary, emphasized the significance of security in his goodwill message. He stressed the need for collaboration and dissemination of accurate information to safeguard consumers’ interests. 

Earlier in a welcome address, Mr. Chike Onwuegbuchi, co-founder of TechCastle Foundation, the program’s organizers, highlighted the necessity of addressing ongoing issues within Nigeria’s payment systems. 

He emphasized the importance of interoperability among banks and platforms to facilitate seamless transactions. 

Mr. Onwuegbuchi stated, “We looked at the payment system in Nigeria and we found out that there have been conversations around payment and there have been unresolved issues.”

Onwuegbuchi further touched upon the prevalence of misinformation regarding payment methods, urging for clarity and education to combat false information. He stated, “When people tell you that you cannot use a particular service or individual based on what somebody else said, merely tapping your finger on the monitor, it’s not true.”

Key Takeaways from PAFON 1.0 Panel Session

During the Panel Session, moderated by Peter Oluka, Chief Editor, Techeconomy, experts delved into important aspects of payment systems in Nigeria, engaging in discussions that spanned execution, investments, protection technologies, and awareness. 

One of the central themes addressed was the intersection of trust and security as regards artificial intelligence (AI) integration into payment systems. 

Panellists emphasized the imperative of ensuring solid trust and security mechanisms as AI becomes increasingly intertwined with payment ecosystems, safeguarding against potential vulnerabilities and threats.

Infrastructure’s key role in underpinning the security and integrity of payment systems was a relevant aspect of the discussion. Cloud service providers were particularly highlighted for their contributions, both in advancing AI technologies and also in bolstering security measures. 

Panellists emphasized the multifaceted nature of security technology implementation, acknowledging challenges such as cost implications, complexity, and the necessity of ongoing investment to fortify defences against evolving threats and fraudulent activities.

Regulatory policies and their efficacy in mitigating risks and ensuring compliance were explored, with a focus on potential limitations and barriers to effective implementation. 

While Nigeria has robust regulatory frameworks, the importance of alignment with international standards and the need for continuous investment in compliance measures to enhance security and privacy protections were noted.

The imperative of customer awareness and education in combating fraud and phishing attacks was emphasized throughout the session. 

Panellists at PAFON 1.0 outlined initiatives aimed at educating customers, leveraging offline distribution networks for outreach, and deploying advanced technologies to detect and prevent fraudulent activities effectively.

Collaboration was another central tenet pointed out for addressing security challenges comprehensively. 

The interconnected nature of the payment ecosystem was stressed and advocated for collective efforts among stakeholders to enhance security measures and foster customer trust. 

The session also highlighted the need for cohesive collaboration and ecosystem support to ensure payment systems thrive effectively.

These, as mentioned, will ensure a safe, resilient, and inclusive payment infrastructure for all stakeholders.

The post PAFON 1.0: Experts at Payments Forum Nigeria Discuss Trust, Security, and Privacy in the AI Era appeared first on Tech | Business | Economy.