Tag Archives: Open Banking APIs

  • 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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  • Central Bank of Nigeria's logo is seen on the headquarters building in Abuja

    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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  • Open Banking Nigeria welcomes Pngme

    Open Banking Nigeria, the leading non-profit coalition of industry stakeholders advocating the adoption of open banking in Nigeria, has welcomed into its fold Pngme, a leading API player in the international financial landscape. Pngme, the unified data API for financial institutions and developers, joins other stakeholders within and outside Nigeria to extend the depth and …

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  • Raidiam, a UK Open Banking Pioneer, Joins Open Banking Nigeria

    Raidiam, the United Kingdom’s pioneering provider of digital connectivity, identity and access management services, has become the latest corporate member of Open Banking Nigeria, the leading non-profit coalition of industry stakeholders advocating the adoption of open banking in Nigeria. Raidiam was an active participant in the design and development of the Trust Framework which delivered …

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  • TrueLaayer joins Open Banking Nigeria

    TrueLayer joins Open Banking Nigeria

    TrueLayer, the leading provider of financial APIs, has joined Open Banking Nigeria, the industry-formed advocacy group driving the adoption of open banking in Nigeria, to develop the open Application Programming Interfaces (API) standards for the Nigerian financial industry. This partnership, which would be with active participation of other industry members, is in recognition of the …

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  • Open Banking and competition in Nigeria’s banking ecosystem

    by  Adedeji Olowe and Oge Okonkwo Introduction The concept of Open Banking is emerging globally as the potential future of the banking industry. Open banking refers to how financial institutions and third-party providers (FinTechs, InsurTechs, Lifestyle service providers, Retail companies, Telcos, Energy companies etc.) leverage open Application Programming Interfaces (APIs) to share data in a …

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  • Open Banking is a panacea to integration risks

    by Ayowole Popoola and Igboa Abumere Executive Summary The need to build a connected world has become very imperative. Almost every industry has been upturned by the advent of technology and the internet. From the logistics to the automotive sector, the integration of various devices and services to create an interactive world has made users …

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  • Open APIs: An inclusive model for advancing financial inclusion in Nigeria (An Open Banking Nigeria perspective)

    Introduction Financial inclusion has become more than a catchphrase within the financial services space in recent times, primarily due to discussions on the subject from several stakeholders, including development organisations, governments, banks, etc. Investopedia defines financial inclusion as “efforts to make financial products and services accessible and affordable to all individuals and businesses, regardless of …

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  • eTranzact, Accounteer to Advocate Open Banking for Improved Services

    To drive the adoption of an industry-wide, non-partisan standard for stakeholders in Nigeria’s financial services ecosystem towards the provision of improved, customer-focused and tailored services, eTranzact International Plc, Nigeria’s premier payment processor and Accounteer, the frontline cloud accounting solutions provider have individually announced their partnerships with Open Banking Nigeria, the foremost advocate of Open Banking …

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