First City Monument Bank has called for increased investment in local data infrastructure and careful implementation of data localisation measures to safeguard customer information while maintaining reliable digital banking services. Blessing Ehize, the bank's Chief Technology Officer, made the remarks during a panel session at the CIO and C-Suite Conference and Awards Africa held in Lagos.
Ehize stressed that financial institutions should adopt a risk-based approach when implementing data localisation requirements. This approach needs to take into account data sensitivity, cybersecurity capacity, infrastructure capability and service continuity. He underscored the importance of developing local infrastructure that can support secure and dependable digital financial services as customer demand continues to rise.
Beyond physical infrastructure, Ehize highlighted the need to build cybersecurity capabilities, strengthen technical skills and ensure operational resilience across the financial sector. He also emphasised the importance of balancing innovation with cost efficiency, suggesting that deliberate technology investment, better use of existing infrastructure and appropriate automation can help financial institutions improve service delivery.
Ehize noted that technology investments should be evaluated based on their contribution to customer experience, operational efficiency and business performance, while also meeting security requirements and ensuring long-term sustainability. He further stressed the importance of collaboration among regulators, banks, fintech companies, data centre operators and technology providers, saying that coordinated investment in local capacity can help institutions meet data localisation objectives without compromising the reliability of digital financial services.
For savers and borrowers in Nigeria, reliable digital banking infrastructure and strong data protection mean their personal information is secure while maintaining consistent access to banking services whenever they need it.