We are ensuring a common standard for Open Banking APIs in Nigeria
Background
Digitization and technology have brought significant changes to service delivery in financial sectors across the world. Through innovations such as contactless payment, mobile banking, and mobile money, an upward climb has been made on the customer experience journey.
The Nigerian financial space has not been left behind on this digital evolution. The CBN’s cashless policy is one of many examples on the local scene, deliberately driving customer service excellence across the industry. It is globally agreed that Open Banking is the next step in the evolution of digital and customer satisfaction in the financial space. By the effective mining of customer data, there is a lot that can be done regarding improved delivery to customers.
Open Technology Foundation (OTF), popularly known as Open Banking Nigeria (OBN) is at the forefront of Open Banking in Nigeria. The not-for-profit organization was set up by veterans of the Nigerian banking and fintech industries in 2017 with the overarching objective of boosting the nation’s economy through the reduction of barriers to innovation and financial inclusion.
Our Objectives
The Open Technology Foundation is working with banks, industry professionals and Fintechs to define an open and non-partisan set of Application Programming Interfaces (APIs) to design the API standards. The design and review process has involved 8 commercial banks, OFIs and top Fintech players in the country. All in all we want to get:
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Quality Assurance
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Open Banking Nigeria (Open Technology Foundation) is a non-profit backed by a group of industry experts across banking, fintech, risk management, and more to drive and launch the open banking standard in Nigeria.
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