If you were asked to explain the concept of Open Banking, how would you describe it in less than a minute? Watch Open Banking Nigeria Trustee, Adedeji Olowe, in 60 seconds simplify the term and why it has been important to drive and establish Open Banking standards in the last 5 years. Watch the video …
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Open Banking Explained in 60 seconds
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Four innovations with CBN’s open banking regulations
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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Advocating for Open Banking in Nigeria
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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What Are The Next Steps For Open Banking In Nigeria?
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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Open Banking In Africa
The conversation on Open Banking in Africa is one that has been a long time coming. While the benefits seem apparent at first glance, there’s a lot at stake for banks, fintechs, governments, and consumers. Open Banking uses secure application programming interface (API) integration with banking systems and mutually agreed on API taxonomy to let …
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Why Open Banking and what’s in it for banks in Nigeria?
With the many changes in the banking sector and the country as a whole, Open Banking seeks to bridge the gap between banks and fintechs with standardized API access; where all banks share the same data and API taxonomy. It is essential to note that there is currently a power imbalance between banks and fintechs. …
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Open Banking Nigeria Annual Report- The Year 2020
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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Open banking: Implications for the non-banking finance industry
Two decades ago, if you wanted to deposit money, pay bills or access a range of financial services, the bank would have been the only place to turn to. But that has since changed with fintechs unbundling banking and offering many of these services as stand-alone offerings. Fintechs like PiggyVest, offer their customers the ability …
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CBN’s regulatory framework on open banking in Nigeria; What next?
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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Open Banking: Consumer Credit Application (Use Case)
by Ope Adeoye, Brendan Playford and Oge Okonkwo Introduction Nigeria has a huge credit gap, with lenders and borrowers facing a number of challenges which hinder the ease of providing and accessing credit. This credit gap has contributed to curbing financial inclusion and economic growth. Open banking can transform lending in Nigeria by improving access …
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