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By Emma Njoku
First City Monument Bank (FCMB) has called for stronger collaboration among financial institutions, technology companies, regulators and infrastructure providers to accelerate Nigeria’s digital transformation and build a more resilient digital economy.
The Chief Technology Officer (FCMB), Blessing Ehize, made the call while speaking at GrowthX by Techeconomy 2026 in Lagos.
Themed, “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 ecosystems to examine the opportunities and challenges shaping Nigeria’s digital future.
The event featured high-level discussions on data localisation, digital payments, artificial intelligence, cybersecurity, digital infrastructure, and the evolving economics of fintech, providing a platform for stakeholders to exchange perspectives on how technology can support sustainable and inclusive economic growth.
Speaking during the panel session, titled, “Data Localisation, Security & Future of Payments in Nigeria,” 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.
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“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.”
The panel examined the implications of the Central Bank of Nigeria’s data localisation directive for banks, fintechs and payment service providers, including its potential impact on data sovereignty, digital identity, cybersecurity, consumer protection, infrastructure investment and operational costs.
Speaking on the significance of GrowthX, Founder and Editor-in-Chief, Techeconomy and Convener, GrowthX, Peter Oluka, said the platform was created to facilitate meaningful conversations and collaboration among the stakeholders shaping Africa’s digital future.
Oluka added that the discussions at GrowthX were designed to move beyond broad conversations about technology and focus on the practical issues affecting those building, regulating, funding and using digital services in Nigeria.
For the FCMB, participation in GrowthX reinforces the bank’s commitment to supporting conversations around technology, innovation, digital transformation and the future of financial services, while contributing industry perspectives to the development of a more secure, inclusive and resilient digital economy.
