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 build a more secure and resilient digital economy.
Ehize made the call at GrowthX by Techeconomy 2026, held at The Civic Centre, Victoria Island, Lagos, under the theme, “Driving Digital Growth Through Innovation and Collaboration.”
The inaugural conference brought together industry leaders and experts from the financial services, fintech, technology, digital infrastructure and cybersecurity sectors to examine opportunities and challenges shaping Nigeria’s digital future.
Discussions at the event focused on data localisation, digital payments, artificial intelligence, cybersecurity, digital infrastructure and the changing economics of fintech, with participants exploring how technology could support sustainable and inclusive economic growth.
Speaking during a panel session titled “Data Localisation, Security & Future of Payments in Nigeria,” Ehize said data localisation should be viewed not merely as a regulatory requirement but also as an opportunity to strengthen Nigeria’s digital infrastructure, cybersecurity capabilities and public trust in digital financial services.
“Data localisation presents both an opportunity and a responsibility for Nigeria’s digital ecosystem. Beyond meeting regulatory requirements, we need to build the infrastructure, resilience, cybersecurity capabilities and talent required to ensure that local data infrastructure can support secure and reliable digital services at scale. This will require collaboration across banks, fintechs, technology providers, regulators and infrastructure players. If we get this right, data localisation can strengthen digital trust and create a stronger foundation for Nigeria’s digital economy,” she said.
Ehize stressed that achieving these objectives would require coordinated efforts among banks, fintech companies, technology providers, regulators and infrastructure operators.
The panel examined the implications of the Central Bank of Nigeria’s data localisation directive for banks, fintech companies and payment service providers, including its potential effects on data sovereignty, digital identity, cybersecurity, consumer protection, infrastructure investment and operational costs.
The discussions highlighted the importance of balancing regulatory compliance with investments in reliable infrastructure capable of supporting secure, efficient and accessible digital financial services.
Speaking on the significance of GrowthX, Peter Oluka, Founder and Editor-in-Chief of Techeconomy and convener of the conference, said the platform was established to promote meaningful conversations and collaboration among stakeholders shaping Africa’s digital future.
Oluka said the discussions were designed to move beyond broad conversations about technology and address 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 on technology, innovation and digital transformation while contributing industry perspectives to the future of financial services.
Stronger collaboration across the digital ecosystem, alongside investments in infrastructure, cybersecurity and local expertise, remains essential to developing a more secure, inclusive and resilient digital economy capable of supporting Nigeria’s long-term growth.