FCMB advocates stronger data infrastructure for digital banking

FCMB Group Plc. Photo: FCMB

First City Monument Bank has called for increased investment in local data infrastructure and the careful implementation of data localisation measures to protect customer information and ensure uninterrupted digital banking services.

The bank’s Chief Technology Officer, Blessing Ehize, made the call during a panel session at the CIO & C-Suite Conference and Awards Africa, held at the Federal Palace Hotel in Lagos.

Ehize, according to a statement from the bank on Thursday, stressed the importance of adopting a risk-based approach to data localisation, considering data sensitivity, cybersecurity threats, infrastructure capacity, and service continuity.

He explained that financial institutions must assess the risks associated with storing, processing and migrating data while implementing appropriate safeguards to protect customers and minimise service disruptions.

According to him, the growing demand for digital financial services underscores the need for adequate investment in local infrastructure capable of supporting secure and reliable banking operations.

He noted that beyond physical infrastructure, financial institutions must strengthen their cybersecurity capabilities, technical expertise and operational resilience to sustain digital banking services.

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Ehize emphasised that protecting customers’ personal information and ensuring consistent access to financial services remain critical considerations in the development of digital banking infrastructure.

Speaking on the financial implications of technology adoption, he urged financial institutions to balance innovation with cost efficiency through deliberate technology investments, improved utilisation of existing infrastructure and appropriate automation.

He maintained that technology investments should be evaluated based on their contributions to customer experience, operational efficiency and overall business performance, alongside security requirements and long-term sustainability.

The FCMB technology chief also called for stronger collaboration among regulators, banks, financial technology companies, data centre operators and technology providers to address challenges associated with data localisation.

He explained that investment in local capacity, supported by coordinated implementation, would enable financial institutions to meet data localisation objectives without compromising the reliability of digital financial services.

The CIO & C-Suite Conference and Awards Africa brought together technology executives and business leaders to examine issues relating to data sovereignty, cybersecurity, digital infrastructure and the role of technology in driving business growth.

Arinze Nwafor is a journalist at Punch Newspapers with five years of experience reporting on Nigeria’s economy, industry, data, metro, and judiciary. He focuses on highlighting growth, policy, and market challenges shaping Africa’s largest economy. Arinze’s reporting reflects practical newsroom experience, editorial judgment, and a strong commitment to accurate, informative, and audience-focused journalism.