NIGERIA
Nigeria is experiencing a surge in Open Banking.
Thanks to the Central Bank of Nigeria's (CBN) issuance of operational guidelines. These guidelines facilitate customer-permission led data sharing between banks and third-party firms, enabling customer-centric financial products and services.
Open Banking is poised to revolutionize Nigeria's banking sector, boosting efficiency, competition, and access to financial services. The regulatory framework sets principles for data sharing, promoting innovation and expanding financial product offerings. Open Banking Nigeria, led by the Open Technology Foundation, is championing open banking APIs tailored for Nigeria. This focus on unique standards reflects Nigeria's commitment to innovation.
With collaboration among industry players and regulators, Nigeria is primed to leverage Open Banking for increased competition, improved financial service accessibility, and new growth opportunities.
Updated: November 2023
