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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Advocating for Open Banking in Nigeria
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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: Driving growth for banks in Nigeria
Introduction The way we carry out financial transactions today is very different from what it used to be. At the moment, there are a lot of fintech companies and innovators constantly pushing the boundaries within the finance sector. These advancements have created the importance of seamlessly sharing data through an open banking system. This would …
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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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How Open banking can transform payments in Nigeria
A couple of years ago, every Nigerian household made the monthly trip to the bank or electricity provider company, cash in hand, with their bill slip and means of identification to pay their electric bills. It was a similar story for all other bills and payments people had to make. Payments improved after the CBN …
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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: 4 steps banks and fintechs can adopt in mitigating risks of data leakage
With millions of customers, banks and other fintechs hold a ton of customer data that they use to make all sorts of decisions. They collect identity cards, utility bills, signatures, and transaction records, which can create useful snapshots of customers when put together. While collecting this data is important, it creates an obligation. All that …
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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 AS A KEY DRIVER FOR FINANCIAL INCLUSION
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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