Tag Archives: Open Banking

  • How Open Banking will help businesses with money management

    A major challenge experienced by both SMEs, MSMEs and large businesses is determining how best to manage their money gotten from sales or other operations.   The reality is that many businesses leave money on the table by letting funds sit in their current accounts. Of course, the banks are more than happy for companies to …

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  • 5 Innovative Ideas that Open banking will support

    by Victor Aboh Have you ever thought to yourself, “if only I could get this piece of data from a certain financial institution, I would make an application that solves a pressing customer issue”? Then, Open banking is here for you! Open Banking provides the framework for consumers to permit financial institutions to share their …

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  • Open Banking Explained in 60 seconds

    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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  • 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: 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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  • 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: 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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  • Kuda Bank, Rubies join Open Banking Nigeria

    Kuda Bank and Rubies, two of Nigeria’s foremost challenger banks, have become the latest stakeholders in Nigeria’s financial services ecosystem to join Open Banking Nigeria, the broad coalition advocating the adoption of open banking in the country. Kuda Bank and Rubies, both digital banks, will now actively partner with other players within the Nigerian and …

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