Category: Industry News
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The CBN Has Mandated Data Localisation by January 2027. The Harder Questions Start Now.
On June 15, 2026, the CBN’s Payments System Supervision Department issued circular PSS/DIR/PUB/CIR/001/004, signed by Director Rakiya O. Yusuf. It requires every financial institution facilitating payments in Nigeria — deposit money banks, microfinance banks, mobile money operators, switching companies, payment solution service providers, super agents — to ensure that payment transaction data generated within Nigeria… Read more
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Hackers Allegedly Steal N9.3Bn Customers’ Fund from Union Bank
Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts. The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds. Court filings reveal that the cybercriminals… Read more