The Chief Technology Officer of First City Monument Bank (FCMB), Blessing Ehize, has called for stronger collaboration among financial institutions, technology companies, regulators, and infrastructure providers to accelerate Nigeria's digital transformation and strengthen the country's digital economy. Ehize made the call at GrowthX by Techeconomy 2026, held at The Civic Centre, Victoria Island, Lagos. The event brought together experts from the financial services, fintech, technology, digital infrastructure, and cybersecurity sectors.
Ehize spoke during a panel session titled "Data Localisation, Security & Future of Payments in Nigeria," where she emphasized that data localisation should be viewed not merely as a regulatory compliance requirement but also as an opportunity to strengthen local digital infrastructure, cybersecurity, and public trust in digital financial services. She stressed that Nigeria needed to develop the infrastructure, cybersecurity capabilities, resilience, and skilled workforce required to support secure and reliable digital services on a large scale.
The panel examined the implications of the Central Bank of Nigeria's data localisation directive for banks, fintech companies, and payment service providers. Discussions covered digital payments, artificial intelligence, cybersecurity, digital infrastructure, and the changing economics of fintech. The event provided stakeholders with an opportunity to exchange ideas on the role of technology in promoting inclusive economic growth.
Peter Oluka, Founder and Editor-in-Chief of Techeconomy and Convener of GrowthX, said the platform was established to encourage meaningful discussions and collaboration among stakeholders shaping Africa's digital future. Oluka said the conference was designed to move beyond general conversations about technology and focus on practical challenges confronting those building, regulating, financing, and using digital services in Nigeria.
FCMB's participation in the conference underscores the bank's commitment to discussions on technological innovation, digital transformation, and the future of financial services. The bank's involvement demonstrates its dedication to building a more secure, inclusive, and resilient digital economy. Ehize said achieving the objectives of data localisation would require coordinated efforts among banks, fintech companies, technology providers, regulators, and infrastructure operators.
The inaugural conference, themed "Driving Digital Growth Through Innovation and Collaboration," brought together experts from various sectors to discuss opportunities and challenges shaping Nigeria's digital future. The event highlighted the importance of collaboration and innovation in driving sustainable digital growth. Discussions also covered the potential effects of data localisation on data sovereignty, digital identity, cybersecurity, consumer protection, infrastructure investment, and operational costs.
Ehize concluded that if Nigeria gets data localisation right, it can strengthen digital trust and create a stronger foundation for the country's digital economy. The call for collaboration and innovation is timely, as Nigeria seeks to accelerate its digital transformation and become a leader in the African digital economy. Key stakeholders are expected to build on the discussions at GrowthX to drive meaningful progress in the sector.
Key points
- FCMB's CTO, Blessing Ehize, urges collaboration to accelerate Nigeria's digital transformation.
- Data localisation presents both an opportunity and a responsibility for Nigeria's digital ecosystem.
- Achieving data localisation objectives requires coordinated efforts among banks, fintech companies, technology providers, regulators, and infrastructure operators.
