In our last blog post, we reflected on the past year and also broke down what to expect from open banking this year. However, we didn’t stop there. The open banking team hosted an industry event with major stakeholders and representatives from NIBSS, Sterling, KPMG, Sparkle and Banfico who delved in deeper into use cases for open banking in Nigeria and the technologies that would drive them The technologies that would drive open banking in Nigeria The first session was an insightful presentation from Akinkunmi Ogunsola of the Nigerian Interbank Settlement System (NIBSS) breakdown the framework ..read more

As 2024 progresses, the Open Technology Foundation (OBN) stands on the brink of a revolutionary year marked by innovation and filled with promise. The year 2024 is set to redefine the landscape of Open Banking. However, before we peek into the future, it is important for us to reflect on the accomplishments of the past year that serve as the foundation for our plans this year. Reflecting on 2023 In March 2023, Open Banking achieved a significant milestone when it officially received approval from the Central Bank of Nigeria (CBN) on the operational guidelines for open banking. This monumental ..read more

by Victor Aboh Introduction When we think about philanthropy and charitable giving in Nigeria, we readily recall public figures such as Aliko Dangote (Founder, Aliko Dangote Foundation), Rochas Okorocha (Founder, Rochas Foundation), or Folorunso Alakija (Founder, Rose of Sharon Foundation) and the list goes on1. The truth, however, is that charitable giving in Nigeria goes far beyond what the ultra-wealthy give. In 2020, Nigeria made the top 10 list of most generous countries globally for the first time, coming in third 2. Strikingly, Nigeria ranked 1st in the “Helping a stranger” categor ..read more

By Mayo Deji-Omotayo Open banking, through the use of Application Programming Interfaces (APIs) has paved the way for third-party financial service providers to access and share customers’ financial data, with the customers’ explicit consent. This transformative advancement supports the creation of innovative financial products and solutions tailored to customers’ needs.  Through open banking, customers gain greater control over their financial data, empowering them to make better informed financial decisions and take advantage of more innovative and personalized financial services that w ..read more

By Victor Aboh As the CBN has recently approved the operational guidelines for Open banking in Nigeria1, Financial Institutions, and Fintechs require direction on their roles in this new digital ecosystem. Earlier this month, we indicated a tentative order of events that the CBN might follow in rolling out Open Banking operationally2. As we await technical implementation guidance, this article aims to present Nigerian Fintech’s roles in the Open Banking Ecosystem.  Nigeria’s Open Banking Standard outlines three prominent roles that Institutions may play in its ecosystem, namely3. API Pro ..read more

By Chigozie Madubuko Open banking has revolutionized the financial services industry by promoting transparency, competition, and innovation. At the heart of this transformation lies the efficient flow of data and services through Application Programming Interfaces (APIs).  Let’s explore the crucial roles played by API providers, API consumers, and consumers. API Providers: Enabling Seamless Connectivity  These are often financial institutions or fintech companies, they serve as the foundation of open banking. They expose APIs that grant secure access to their customers’ data and serv ..read more

By Malaika Ademola-Majekodunmi The Central Bank of Nigeria (CBN) recently approved the operational guidelines for open banking, signaling an exciting time for our country’s financial industry. Open banking is a collaborative and innovative approach to financial services that will provide customers with more control over their financial data and enable fintechs and banks to create more innovative  products and services.  With this at hand the banks, financial service providers and customers all win. Underpinning every open banking regime is an API standard. Open banking in Nigeria is ..read more

By Yvonne-Faith Elaigwu Subsequent to the release of the final guidelines from the Central Bank of Nigeria for open banking, the question for everyone has been, what’s next? While some stakeholders are simply excited that a framework now exists, some have questions, and others are just not sure what the regulatory guidelines really mean.  The one thing that we all seem to agree on (or believe) is that open banking will create a more competitive, innovative, and customer-centric financial ecosystem that will contribute to the growth of Nigeria’s economy.  The guidelines clearly place ..read more

The Central Bank of Nigeria has approved the operational guidelines to open banking in Nigeria kickstarting an open banking regime in Nigeria. The guideline was released via a circular by Musa Jimoh, the Director of the CBN’s Payments System Management Department on March 7, 2023.   The open banking regulation would usher in a transformation time for financial innovation and financial inclusion in Nigeria and Africa as a whole. The release of the final guideline is a culmination of a long journey for open banking in Nigeria. On June 1, 2017, a group of industry veterans, led by Adede ..read more

by Victor Aboh Introduction In Nigeria, Micro, Medium, and Small Enterprises (MSMEs) have an outsized impact on the nation’s economic health. They “contribute 48 percent of national GDP, account for 96 percent of businesses and 84 percent of employment”1. MSMEs face numerous challenges when doing business, including securing capital to grow their businesses, protecting their businesses from fire, theft, and flood through insurance products, cashflow management, lack of trained employees, lack of electricity, and other infrastructure issues.  While Open Banking does not represent a pa ..read more