FCMB Calls for Investment in Local Data Infrastructure

Kayode Tokede First City Monument Bank (FCMB) has highlighted the need for investment in local data infrastructure and careful implementation of data localisation measures to protect customer information and maintain reliable digital banking services. The Bank’s Chief Technology Officer, Blessing Ehize, discussed the issue during a panel session at the CIO & C-Suite Conference and Awards Africa in Lagos. Ehize highlighted the importance of a risk-based approach that considers data sensitivity, cybersecurity, infrastructure capacity and service continuity as financial institutions implement applicable regulatory requirements. Ehize also emphasised the need to develop local infrastructure capable of supporting secure and reliable digital financial services as demand grows. Beyond physical infrastructure, he highlighted the importance of cybersecurity capabilities, technical skills and operational resilience. For customers, these capabilities matter because digital banking depends on both the protection of personal information and consistent access to financial services. Ehize also addressed the need to balance innovation with cost efficiency. He identified deliberate technology investment, better use of existing infrastructure and appropriate automation as ways financial institutions can improve service delivery. He noted that technology investments should be assessed against their contribution to customer experience, operational efficiency, and business performance, alongside security requirements and long-term sustainability. Ehize further highlighted the importance of collaboration among regulators, banks, fintech companies, data centre operators and technology providers. Investment in local capacity and coordinated implementation can help institutions meet data localisation objectives while maintaining the reliability of digital financial services.