Open banking regulation in Nigeria is now approved by the CBN
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Open banking regulation in Nigeria is now approved by the CBN
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Nigeria is undoubtedly in the lead with its open banking initiatives among African countries and other developing countries. Following the release of the operational guidelines for open banking in Nigeria, the journey to fully launched open banking standards is within months at the most. Open banking holds the potential to promote financial inclusion and transform …
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Open Banking Nigeria Trustee, Adedeji Olowe and Head of content at Open Banking Expo, Ellie Duncan, recently sat down for a chat on the ‘Open Banking Expo Unplugged’ podcast. In the 25-minute podcast, Olowe tells how far Nigeria is from implementing Open Banking and the current challenges being faced. He also reveals why the establishment …
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The Central Bank of Nigeria (CBN) recently released the exposure draft of the operational guidelines of Open Banking in Nigeria which clearly stipulates the roles, responsibilities and expectations for each participant in the open banking system. The draft focuses on ensuring that open banking in Nigeria starts on a foundation of solid operational efficiency. The …
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As the Open Technology Foundation (OTF) continues to drive the adoption of Open Banking Standards in Nigeria through strategic partnerships with banks and fintechs in the country’s financial sector, more fintechs and banks have recently joined to further champion the Open Banking cause in Nigeria.
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Open banking represents a shift – a movement from closed models to open systems that promote optimal value for both end-users and businesses alike. The ecosystem is fueled by seamless exchange of data based on customer consent, nevertheless in a controlled form enabled by Application Programming Interfaces (APIs). By breaking the monopoly of access to …
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In March 2018, the Central Bank of Nigeria talked about its interest in an Open Banking system, which will open up the financial system and allow the transaction data that banks sit on to be accessible to other industry players. All of this data sharing will happen through Application Programming Interfaces (APIs). At the time, …
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Opening the door to financial inclusion in Nigeria. On Wednesday, 24th of February, 2021, Open Banking Nigeria held a conference to discuss the theme “Open Banking as a key driver for financial inclusion in Nigeria.” Speakers at the event were: Ade Bajomo – ED Information Technology and Operations, Access Bank Ronke Kuye – CEO Shared …
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Kuda Bank and Rubies, two of Nigeria’s foremost challenger banks, have become the latest stakeholders in Nigeria’s financial services ecosystem to join Open Banking Nigeria, the broad coalition advocating the adoption of open banking in the country. Kuda Bank and Rubies, both digital banks, will now actively partner with other players within the Nigerian and …
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…reinforces commitment to innovation and customer satisfaction First City Monument Bank (FCMB), one of Nigeria’s leading financial institutions, is now a member of Open Banking Nigeria, an industry-focused non-profit body facilitating the advocacy, development, and adoption of a common standard for open Application Programming Interface (API) within the Nigerian financial ecosystem. With this development, FCMB has …
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