First City Monument Bank (FCMB) has called for increased investment in Nigeria’s local data infrastructure to strengthen digital banking services, protect customer information and improve cybersecurity.
The bank’s Chief Technology Officer, Blessing Ehize, made the call during a panel session at the CIO & C-Suite Conference and Awards Africa held at the Federal Palace Hotel in Lagos.
Ehize stressed the need for financial institutions to adopt a risk-based approach to data localisation, taking into account data sensitivity, cybersecurity threats, infrastructure capacity and service continuity.
She explained that banks must carefully assess the risks associated with storing, processing and transferring customer information while putting adequate safeguards in place to prevent data breaches and service disruptions.
The FCMB executive noted that growing demand for digital financial services had increased the need for reliable local infrastructure, stronger cybersecurity capabilities, technical expertise and operational resilience.
She also urged financial institutions to balance technology innovation with cost efficiency through strategic investments, automation and better utilisation of existing infrastructure.
Ehize further called for stronger collaboration among regulators, banks, fintech companies, data centre operators and technology providers to strengthen local capacity and ensure reliable digital financial services in Nigeria. Punch Newspapers +2
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