The Chief Technology Officer of First City Monument Bank (FCMB), Blessing Ehize, has emphasized the need for stronger collaboration among financial institutions, technology companies, regulators, and infrastructure providers to accelerate Nigeria's digital transformation. Ehize made this call at the GrowthX by Techeconomy 2026 conference, held at The Civic Centre, Victoria Island, Lagos. The conference brought together industry leaders and experts to examine opportunities and challenges shaping Nigeria's digital future.
The GrowthX conference featured high-level discussions on data localisation, digital payments, artificial intelligence, cybersecurity, digital infrastructure, and the evolving economics of fintech. These discussions provided a platform for stakeholders to exchange perspectives on how technology can support sustainable and inclusive economic growth. Ehize highlighted the importance of viewing data localisation not only from a compliance perspective but also as an opportunity to strengthen Nigeria's digital infrastructure, cybersecurity, and trust in digital financial services.
Ehize stressed that data localisation presents both an opportunity and a responsibility for Nigeria's digital ecosystem. He noted that beyond meeting regulatory requirements, Nigeria needs to build the infrastructure, resilience, cybersecurity capabilities, and talent required to ensure local data infrastructure can support secure, reliable digital services at scale. This, he emphasized, will require collaboration across banks, fintechs, technology providers, regulators, and infrastructure players.
The panel discussion examined the implications of the Central Bank of Nigeria's data localisation directive for banks, fintechs, and payment service providers. The directive's potential impact on data sovereignty, digital identity, cybersecurity, consumer protection, infrastructure investment, and operational costs was also discussed. Peter Oluka, Founder and Editor-in-Chief of Techeconomy, said the GrowthX platform was created to facilitate meaningful conversations and collaboration among stakeholders shaping Africa's digital future.
Oluka added that GrowthX discussions were designed to move beyond broad conversations about technology and focus on practical issues affecting those building, regulating, funding, and using digital services in Nigeria. For FCMB, participation in GrowthX reinforces the bank's commitment to supporting conversations around technology, innovation, digital transformation, and the future of financial services.
FCMB's participation in GrowthX also demonstrates its commitment to contributing industry perspectives to the development of a more secure, inclusive, and resilient digital economy. The bank has been actively involved in initiatives aimed at promoting digital growth and financial inclusion in Nigeria. Recently, FCMB marked its customer service week with digital upgrades and rewards, and its capital markets unit supported the Bank of Industry's ₦274.19bn development bond issuance.
The GrowthX conference provided a platform for stakeholders to discuss the opportunities and challenges shaping Nigeria's digital future. Key issues discussed included data localisation, digital payments, artificial intelligence, cybersecurity, and digital infrastructure. The conference aimed to promote collaboration and innovation in Nigeria's digital ecosystem, with a focus on building a more secure, inclusive, and resilient digital economy.
Key points
- Collaboration among financial institutions, tech companies, regulators, and infrastructure providers is crucial for Nigeria's digital growth.
- Data localisation presents an opportunity to strengthen Nigeria's digital infrastructure, cybersecurity, and trust in digital financial services.
- FCMB is committed to supporting conversations around technology, innovation, digital transformation, and the future of financial services in Nigeria.
