Nigeria News (Standard)
CBN Mandates Banks and Fintechs to Localise Payment Data by January 2027, Sector Faces Capacity Test
Industry experts warn majority of operators lack required technology skills as migration deadline approaches, citing talent shortages
Industry experts warn majority of operators lack required technology skills as migration deadline approaches, citing talent shortages
The Central Bank of Nigeria (CBN) has directed all banks, fintech companies, and payment service providers nationwide to store payment transaction data generated in Nigeria within the country, starting from 1 January 2027. The policy, announced on Monday in Abuja by CBN Governor Olayemi Cardoso, also requires operators to fully disclose ownership structures and comply with new data capping rules.
According to the CBN circular, the move is intended to strengthen data security and boost confidence in the Nigerian payments ecosystem. However, stakeholders in Lagos and other major financial centres say most industry players will need major system upgrades to comply before the transition window closes. While a few large banks may have already built capacity for local data management, many smaller operators are expected to struggle due to existing skill gaps and recent increases in professional emigration.
The regulation comes amid a persistent shortage of high-end technology skills in Nigeria’s financial sector—a problem aggravated by an ongoing exodus of skilled professionals seeking better opportunities abroad. Analysts predict some companies may be forced to import technical expertise or partner with foreign firms just to meet the localisation mandate. “Data localisation is a specialised service that requires advanced expertise, which many payment service providers do not have at present,” one Lagos-based technology consultant noted.
CBN Governor Cardoso said at the press briefing that localising payment data will ensure compliance with national security standards and protect sensitive financial information from foreign access. He added that strict enforcement will begin from January next year, giving operators over six months to prepare. Operators who fail to meet the requirements risk regulatory sanctions, including possible suspension or heavy fines.
Industry observers argue that while the new rule could boost investor confidence and promote indigenous data management firms, it also threatens to widen operational disparities between large banks and smaller fintech startups. The coming months are expected to see increased recruitment drives and cross-border collaborations as firms race against time to overhaul their systems ahead of the deadline.
Nigeria News (Standard)
Simba Power Unveils Renewable Energy Solutions for Hospitals at Lagos Exhibition
Firm introduces battery storage and hybrid systems to cut costs, urges healthcare providers to embrace sustainable power sources
Firm introduces battery storage and hybrid systems to cut costs, urges healthcare providers to embrace sustainable power sources
Simba Power, a leading energy firm, on Monday showcased new commercial and industrial energy solutions designed for healthcare facilities at the 2026 WHX Medic Exhibition in Lagos. The company urged Nigerian hospitals and clinics to adopt renewable energy technologies in order to improve service delivery and reduce operational expenses.
Presenting the new offerings at the event, Simba Power’s Spokesperson, Debdeep Mukherjee, said reliable electricity is essential for modern healthcare, from running diagnostic machines to maintaining critical patient care equipment. He encouraged operators in the sector to leverage renewable power sources such as solar and advanced battery storage systems to enhance efficiency and lower running costs.
Mukherjee explained that Simba Power’s latest products include scalable battery energy storage systems, hybrid inverter platforms, and grid-connected solutions tailored specifically for the needs of healthcare institutions. These systems are aimed at boosting energy reliability, cutting down on frequent power interruptions, and strengthening the overall resilience of hospitals across Nigeria.
“Our solutions are designed to address the unique challenges faced by healthcare providers in Nigeria when it comes to stable electricity supply. By adopting these technologies, hospitals can significantly reduce their dependence on diesel generators and bring down operational costs,” Mukherjee stated during a presentation at the exhibition.
The call for sustainable energy in healthcare comes amid ongoing concerns about unreliable power supply in Nigerian hospitals—a challenge that often leads to higher costs and compromised patient care. Stakeholders have repeatedly highlighted the need for alternative power solutions as government efforts to improve public electricity infrastructure continue. With initiatives like Simba Power’s latest launch, industry observers say hospitals now have more options to strengthen their operations while contributing to national climate goals.
Source: https://guardian.ng/business-services/firm-seeks-sustainable-energy-for-healthcare-sector/
Nigeria News (Standard)
NCC Reports Nigeria Hits 30.8 Million 5G Connections, Makes Up 1% of Global Total
Ericsson projects global 5G subscriptions to more than double by 2031 as Nigeria’s penetration reaches 14 percent
Ericsson projects global 5G subscriptions to more than double by 2031 as Nigeria’s penetration reaches 14 percent
Nigeria has recorded an estimated 30.8 million active 5G connections as at March 2026, representing just under one percent of the world’s total subscriptions, according to new data released by the Nigerian Communications Commission (NCC) and the Ericsson Mobility Report. The announcement was made in Abuja on Monday by Dr Aminu Maida, Executive Vice Chairman of NCC, following the global report’s publication.
The Ericsson Mobility Report stated that a total of 162 million new 5G subscriptions were added globally in the first quarter of 2026, pushing the worldwide figure to about 3.1 billion as at end-March. Nigeria’s contribution stands at approximately one percent of this number, with current national penetration at 14 percent and usage rate at five percent, according to NCC.
Nigeria officially launched its commercial 5G network in September 2022, making it less than four years old in the country’s telecoms sector. Since then, uptake has grown steadily due to increased investment by mobile operators and rising demand for high-speed internet access. The technology has been promoted as a key driver for digital transformation across sectors like financial services, education and health.
Dr Maida explained that while Nigeria’s share is still modest compared to leading regions such as Western Europe, North America and North East Asia, local uptake is expected to rise sharply over the next five years. “The NCC is committed to expanding coverage and ensuring affordable access for all Nigerians,” he said during a press briefing in Abuja. As at now, some 390 service providers worldwide have launched commercial 5G services, including over 90 with standalone networks.
According to Ericsson’s forecast covering up to year-end 2031, global subscriptions are projected to more than double from today’s figures to reach around 6.4 billion. By then, it is expected that up to 85 percent of all mobile data traffic worldwide will run on 5G networks – up from the current level of about half. The NCC noted that continued infrastructure expansion and regulatory support will be crucial for Nigeria to keep pace with international trends.
Source: https://guardian.ng/business-services/nigeria-accounts-for-1-of-3-1-billion-global-5g-subscriptions/
Nigeria News (Standard)
CMA CGM Raises Peak Season Surcharge on China-Lagos Shipments, Hikes Fees for West Africa
French shipping giant increases surcharge to $750 per container for Lagos-bound cargo; Nigerian importers brace for higher costs
French shipping giant increases surcharge to $750 per container for Lagos-bound cargo; Nigerian importers brace for higher costs
Global shipping company CMA CGM has announced a fresh increase in peak season surcharges (PSS) on cargo shipped from China to Lagos and other key West African ports, effective 15 June 2026. The move affects both dry and refrigerated containers under short-term contracts, with Lagos-bound shipments now attracting a $750 surcharge per twenty-foot equivalent unit (TEU).
According to a notice issued by CMA CGM, the new rates apply to shipments heading to Nigeria, Côte d’Ivoire, Benin Republic and Equatorial Guinea. Togo faces the highest PSS in the region at $850 per TEU, while Ghana-bound containers will incur a $650 surcharge. The company stated that these adjustments are aimed at ensuring reliable and efficient service during the busy peak trading season.
This development comes just one week after CMA CGM introduced a separate PSS of $500 per TEU on shipments from South-East Asia to West Africa. The latest changes highlight ongoing pressures in global shipping routes as demand surges ahead of the main import season, especially affecting importers in Lagos and other major Nigerian ports.
In its official communication, CMA CGM explained that the adjustment was necessary “to maintain operational excellence and timely deliveries” during periods of high cargo volumes. Industry experts say the move is likely to increase landing costs for Nigerian traders and manufacturers who depend on imports from China. Stakeholders in the maritime sector have called for government intervention to address rising logistics expenses, warning that persistent cost increases could lead to higher prices for finished goods in local markets.
The new surcharge structure is expected to remain in place throughout the current peak period, though further reviews could occur if global shipping conditions change. Importers are advised to monitor updates from their freight agents and prepare for potential adjustments in supply chain costs.
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