We are building a common standard for Open Banking API’s in Nigeria.
As technology and social media become more tightly integrated into the livesof everyday users, their needs and requirements rapidly evolve. Unfortunately, most banks have not been able to meet these demands, especially when compared with what customers are used to regarding social media apps, etc.
The rise of financial technologies is meant to ameliorate these problems by providing APIs and other technologies to allow innovative financial applications and services to be built. Nevertheless, because of the lack of standards and reference points, the implementations have been mostly misses than hits for banks and Fintechs.
A group of industry players came together to form Open Technology Foundation (OTF); the not-for-profit
organization is driving the development and adoption of Open Banking standards in Nigeria.
Open Banking API Standards
The primary objectives of the OTF are to:
What we plan to achieve
The Open Technology Foundation is working with banks, seasoned individual 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. The OTF has scheduled the APIs to be released into Alpha by January 2018.
Open Banking APIs and PSD2
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