Open Banking has been touted as one of the most revolutionary shifts in financial services, with Nigeria at the forefront of adopting this transformative model in Africa. In 2021, the Central Bank of Nigeria (CBN) formalized the Open Banking regulatory framework, sparking a new wave of excitement and innovation. Yet, for something that’s supposed to …
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3 things that are sometimes mistaken for open banking but not
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Nigeria will use BVN for open banking consent management, is it a good move?
In Nigeria, the Open Banking Consent Management System (OBCMS) is the technological platform from which this consent is given. Uniquely, the OBCMS uses the Bank Verification Number (BVN) to verify end-user identities when they grant consent.
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Frequently Asked Questions about Open Banking
The OBN team answers some of the most popularly asked questions about Open Banking in Nigeria
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Hello Nigeria! – Rolling out Open Banking Capabilities
Hello Nigeria! – Rolling out Open Banking Capabilities (A KPMG Article)
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How Charities and NGOs can benefit from Open Banking
How Charities and NGOs can benefit from Open Banking
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The Role of Fintechs in Nigeria’s Open Banking Ecosystem
With over 250 Fintechs in Nigeria, it is clear that Open Banking can serve the strategic objectives of many sub-verticals ranging from Lending to Personal Finance and from Agritech to Digital Insurance. Learn more here.
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Open Banking in Action via APIs (What next: Part 3 of 3)
Open banking has revolutionized the financial services industry by promoting transparency, competition, and innovation. At the heart of this transformation lies the efficient flow of data and services through Application Programming Interfaces (APIs).
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Open Banking in Nigeria: Boosting Financial Access for MSMEs
How open banking in Nigeria will Increase Financial Access for MSMEs
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The future of Lendsqr depends on open banking
Lendsqr, an LaaS firm needs open banking made available in Nigeria to help its lenders scale and digitize their business, effectively.
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Authentication and authorization over “dumb” channels for open banking
In Nigeria, incorporating FAPI with feature phones and channels not driven by internet has been a big concern, but OBN now has the answer. Read all about it on our latest blog post
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