The First City Monument Bank (FCMB) has called for stronger collaboration among financial institutions, technology companies, regulators and infrastructure providers to advance data localisation in Nigeria, highlighting its importance in strengthening data sovereignty, cybersecurity and trust in digital financial services.

The Chief Technology Officer of FCMB, Blessing Ehize, made the call at GrowthX by Techeconomy 2026, held in Lagos recently with the theme "Driving Digital Growth Through Innovation and Collaboration."

Speaking during a panel session titled "Data Localisation, Security & Future of Payments in Nigeria," Ehize said local data infrastructure should be viewed not merely as a regulatory requirement but as an opportunity to strengthen Nigeria's digital capabilities and support the growth of its digital economy.

She noted that achieving the objectives of data localisation would require sustained investment in infrastructure, cybersecurity, operational resilience and technical expertise to ensure that locally hosted data can support secure, reliable and scalable digital services.

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"Data localisation presents both an opportunity and a responsibility for Nigeria's digital ecosystem. 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," Ehize said.

She added that collaboration among banks, fintech companies, technology providers, regulators and infrastructure operators would be essential to building the capabilities required to support local data management and secure digital transactions.

According to her, effective implementation could strengthen digital trust and establish a more resilient foundation for Nigeria's digital economy.

The discussions also examined the implications of the Central Bank of Nigeria's data localisation directive for banks, fintech companies and payment service providers, particularly its potential effects on data sovereignty, digital identity, consumer protection, infrastructure investment and operating costs.

GrowthX by Techeconomy 2026 brought together stakeholders from financial services, fintech, technology, digital infrastructure and cybersecurity to examine the opportunities and challenges shaping Nigeria's digital future.

The inaugural conference featured discussions on data localisation, digital payments, artificial intelligence, cybersecurity and the economics of fintech, providing a platform for industry participants to exchange perspectives on how technology can support sustainable and inclusive economic growth.

Speaking on the significance of the event, Peter Oluka, Founder and Editor-in-Chief of Techeconomy and convener of GrowthX, said the platform was established to encourage meaningful conversations and collaboration among stakeholders shaping Africa's digital future.

Oluka said the discussions were designed to move beyond general conversations about technology and focus on practical issues affecting organisations building, regulating, funding and using digital services in Nigeria.