CBN Data Localisation Push Opens Opportunities for Galaxy Backbone to Serve Banks, Fintechs

July 8 () — Galaxy Backbone (GBB) is stepping up efforts to position itself as a key digital infrastructure provider for banks, fintechs and other financial institutions as the Central Bank of Nigeria (CBN) moves to enforce the local storage of payment transaction data.

The government-owned technology company said it has intensified engagement with financial sector stakeholders to support compliance with the new data localisation requirements while promoting secure and resilient digital infrastructure.

In a statement issued on Tuesday, Galaxy Backbone said it convened Chief Information Officers, fintech executives and technology leaders at its second-quarter webinar to discuss digital trust, regulatory compliance and infrastructure resilience for Nigeria’s financial services industry.

The engagement follows the CBN’s directive requiring banks, fintech companies, mobile money operators and other payment service providers to store payment transaction data generated in Nigeria on local servers.

The policy is aimed at strengthening regulatory oversight, improving transparency, and ensuring critical financial data remains within the country.

Galaxy Backbone highlighted its digital infrastructure capabilities, including Uptime-certified data centres, Payment Card Industry Data Security Standard (PCI DSS) certification, a sovereign cloud platform and a nationwide fibre network.

According to the company, the infrastructure provides financial institutions with secure platforms for data hosting, payment security, business continuity, disaster recovery, and regulatory compliance while supporting Nigeria’s data sovereignty objectives.

Speaking at the webinar, Galaxy Backbone’s Executive Director of Finance, Ibrahim Sani, said trusted digital infrastructure has become increasingly important as Nigeria’s financial sector continues to evolve.

He noted that the company already provides secure connectivity, cloud and data centre services to several public and private sector organisations, including financial institutions.

Head of Automation and Integration, Thomas Oghenebhumhe, said the company’s sovereign cloud platform helps financial institutions improve operational efficiency, protect sensitive information and meet regulatory requirements.

Also speaking, Head of Data Centre Operations, Samuel Olusola Oyeleke, said Galaxy Backbone’s Tier III and Tier IV data centres are designed to provide the resilience and reliability required to support uninterrupted financial services, disaster recovery and business continuity.