Business
CBN Data Localisation: Galaxy Backbone moves to capture banks, fintechs
By Progress Godfrey
Galaxy Backbone (GBB) has intensified its engagement with banks, fintech firms, and other financial institutions as the Central Bank of Nigeria (CBN) moves to enforce the local storage of payment transaction data.
The digital infrastructure and shared services provider, in a statement yesterday, brought together Chief Information Officers, fintech leaders, and technology stakeholders at its second-quarter webinar to discuss digital trust, regulatory compliance, and resilient infrastructure for the financial sector.
The webinar followed the CBN’s directive to banks, fintech companies, mobile money operators and other payment service providers to store payment transaction data generated in Nigeria on local servers to strengthen regulatory oversight, improve transparency and ensure critical financial data remains within the country.
The company highlighted its comprehensive digital infrastructure, saying, “Galaxy Backbone’s value proposition is further strengthened by its Uptime certified Data Centres, Payment Card Industry Data Security Standard (PCI DSS) certification, sovereign cloud platform and nationwide fibre infrastructure.’
“Together, these capabilities provide banks, fintechs and payment service providers with trusted platforms for secure data hosting, payment security, regulatory compliance, business continuity and disaster recovery.
“They also support the growing need for data sovereignty by ensuring that critical financial data is securely hosted, readily accessible and remains within Nigeria’s jurisdiction in line with regulatory expectations,” it added.
Opening the webinar, Executive Director, Finance, Ibrahim Sani, said Nigeria’s financial sector was evolving rapidly, making trusted digital infrastructure essential for secure and reliable financial services.
He noted that GBB already provides secure connectivity, cloud and data centre services to several public and private sector institutions, including financial organisations.
GBB’s Head of Automation and Integration, Thomas Oghenebhumhe, also highlighted the role of the company’s sovereign cloud in helping financial institutions improve efficiency, protect sensitive information and meet regulatory requirements.
Head of Data Centre Operations, Samuel Olusola Oyeleke, said Galaxy Backbone’s globally certified Tier III and Tier IV data centres provide the resilience, reliability and high availability needed to support uninterrupted digital services, disaster recovery and business continuity for critical financial operations.
He said the infrastructure is designed to help financial institutions maintain continuous operations while meeting growing regulatory and operational demands.
