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Nigeria embarked on its Open Banking journey in 2017, spearheaded by a coalition of industry stakeholders advocating for greater innovation and inclusion. This mirrored the …
Although everyone is allowed, there are strict requirements around regulatory compliance, data security, and technical readiness for open banking users.
In Nigeria, the Open Banking Consent Management System (OBCMS) is the technological platform from which this consent is given. Uniquely, the OBCMS uses the Bank Verification Number (BVN) to verify end-user identities when they grant consent.
Open Banking and Artificial Intelligence are more connected than might be guessed at the surface. Startups, Prosaic and Abound, have raised over $500 million on …
Open banking in Nigeria is a collaborative effort, and the combined efforts of the CBN, NIBSS, banks, and fintech companies will give people more control over their money.
Credit is not just a financial tool; it’s the lifeblood of a thriving economy. No nation can truly prosper or expand without the support of a robust credit system. Financial services often find their footing and thrive when credit is available, making it indispensable for economic survival and growth.
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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