First City Monument Bank has called on the financial sector to channel more funds into local data infrastructure while taking a measured approach to data localisation. The lender explained that these steps are necessary to protect customer records and keep online banking platforms running smoothly.
Blessing Ehize, the bank’s Chief Technology Officer, made the remarks during a panel discussion at the CIO & C-Suite Conference and Awards Africa, which took place at the Federal Palace Hotel in Lagos. According to a statement reported by Punch, Ehize explained that banks must apply a risk-based model to data localisation that considers security threats, data sensitivity, local capacity, and business continuity.
He pointed out that financial institutions need to properly examine the dangers linked with migrating, storing, and handling information locally. Strong safeguards are required to prevent service breakdowns and shield users from breaches as the appetite for digital financial channels continues to rise across the country.
Beyond putting money into physical hardware, Ehize noted that firms need to develop in-house technical talent, improve cybersecurity preparedness, and build operational resilience. He highlighted that keeping user data safe while offering dependable service delivery must remain at the heart of any infrastructure upgrade.
On the financial side of technology projects, the tech chief advised institutions to balance modern tools with cost control. He urged them to get the best out of their current assets, use smart automation, and measure tech spending by how well it improves customer journeys, security, and long-term business goals.
Ehize also called for joint efforts among regulators, banks, fintech operators, and data centre providers. He stated that teamwork across the industry would help companies meet national data rules without lowering the quality of their digital services.
