The Central Bank of Nigeria (CBN) has approved operational guidelines for open banking in Nigeria.
With opening banking, banks, fintechs, and financial institutions would be able to share customer data with the users’ permission through the use of APIs to enable the building of customer-centric products.
In 2017, various players in Nigeria formed an open banking working group which later become Open Banking Nigeria. The group pushed for open banking with various stakeholders in Nigeria including banks, fintechs, and the CBN.
Early backers of open banking in Nigeria include but are not limited to Sterling Bank, KPMG, PwC, EY, Paystack, Teamapt, Wallet Africa, and OnePipe. The coalition now expanded to include the likes of Mono, Switch, Lendsqr, Palmpay, Carbon, and Trium.
The CBN released its framework for the country in 2021 which laid the groundwork for drafting the operational guidelines.
Nigeria already has a number of fintech in the Open Banking space including Mono and Okra which have solutions for open banking on the market.
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