FCMB tech chief urges local data investment, careful localisation
- FCMB's chief technology officer Blessing Ehize called for stronger local data infrastructure and cybersecurity at a Lagos tech conference.
- He said banks should take a risk-based approach to data localisation, weighing data sensitivity, security risks and service continuity.
- Ehize also urged collaboration among regulators, banks, fintechs and data centre operators to build local capacity.
Nigerian banks and technology firms should invest more in local data infrastructure, cybersecurity and technical skills, a senior bank executive has said, arguing that reliable digital banking depends on where customer information is stored and how well it is protected.
Blessing Ehize, chief technology officer at First City Monument Bank (FCMB), made the call during a panel session at the CIO & C-Suite Conference and Awards Africa, held in Lagos. The panel looked at data sovereignty, data localisation, cybersecurity and how technology can make businesses more competitive.
Data localisation means keeping data — in this case, customers' financial information — stored and processed within the country. For ordinary Nigerians, the stakes are practical: whether their bank details stay safe, and whether mobile banking and transfers keep working without disruption.
A risk-based approach
Ehize said banks should not treat localisation as a box-ticking exercise. He called for a risk-based approach that weighs how sensitive the data is, the cybersecurity risks involved, the capacity of local infrastructure and the need for services to keep running.
He said financial institutions should assess the risks of storing, processing and moving data, and put safeguards in place to protect customers and prevent service disruptions.
Beyond buildings and servers, he stressed the need for cybersecurity capabilities, technical expertise and operational resilience — the ability to keep services running when problems arise.
On spending, Ehize said banks must balance innovation with cost efficiency. He suggested deliberate technology investment, better use of existing infrastructure and appropriate automation, and said such spending should be judged by its effect on customer experience, operational efficiency and business performance, alongside security and long-term sustainability.
He also called for collaboration among regulators, banks, fintech companies, data centre operators and technology providers to build local capacity and make localisation policies work in practice.
Other participants at the conference made similar points, stressing that businesses need stronger data protection and greater control over where sensitive information is stored and processed. They described technology as a key driver of growth and competitiveness.
Neither source named the regulators involved or gave figures on what local data infrastructure would cost, and no new policy or deadline was announced at the session.
What happens next
The push now falls to banks, fintechs and data centre operators to invest in local systems and skills, and to regulators to align rules with what the infrastructure can support. Customers are likely to feel the difference mainly through the reliability of digital banking and how well their personal data is protected.
