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, …
More-
CBN’s regulatory framework on open banking in Nigeria; What next?
-
Consumer Savings Application (An Open Banking Use Case)
by Adedeji Olowe and Khadija Abu Introduction Nigerians have increased the amount of money they save over the last 3 years. This, however, has not yet translated into a true savings culture for most Nigerians. Users and providers of financial savings products and services (banks, fintechs etc.) face several challenges which inhibit the ease of …
More -
How will the role of incumbents evolve? – An Open Banking Nigeria Perspective
Introduction Open banking is the outcome of direct and indirect push from change drivers such as technology, competition, customer expectations & preferences, and regulation in the financial services ecosystem. Redefining banking and other financial services, the open model provides a sneak preview into how financial services will be delivered and consumed as part of the …
More -
Nigeria to Pioneer Open Banking in Africa, Joins the UK, Others
Nigeria has signified a strong desire to become the first country in Africa and the second in EMEA—after Bahrain—to officially adopt an Open Banking standard, which defines how financial data is created, shared and accessed – a system which also provides users with a network of financial institutions’ data through the use of a standard …
More -
CBN Prioritises Open Banking as Centric Gateway Launch Initiatives
The Central Bank of Nigeria has prioritised Open Banking in the development of the Payment Systems Vision PSV 2030 as it considers the concept as one of the top global trends and new practices in payments that have been deployed in other countries which must be considered in Nigeria. According to the apex bank, this …
More -
CBN to embrace Open Banking System
As the banking system moves to deliver quality services to consumers in the 21st century driven by new technological advancements, the Central Bank of Nigeria (CBN) has declared its interest in Open Banking System which grants bank customers easy access to their data and opening the financial system to applications and other services. This was …
More
