Open Banking Blog

Stories, insights, and advice that will transform banking and finance for good

September 27 2024

Open Banking has been touted as one of the most revolutionary shifts in financial services, with Nigeria at the forefront of adopting this transformative model in Africa. In 2021, the Central Bank of Nigeria (CBN) formalized the Open Banking regulatory...

September 25 2024

In a country where over 40% of the population lives below the poverty line, saving isn’t just a luxury; it’s a necessity. Whether it’s for emergencies, school fees, or starting a small business, saving gives people a safety net. But...

August 30 2024

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 United Kingdom’s pioneering efforts under GDPR and the Second Payment Services Directive (PSD2), which sought...

August 27 2024

Although everyone is allowed, there are strict requirements around regulatory compliance, data security, and technical readiness for open banking users....

August 26 2024

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....

August 12 2024

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 the premise that they can improve customer outcomes by combining these technologies. But how can...

July 27 2024

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....

July 23 2024

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...

June 30 2024

The OBN team answers some of the most popularly asked questions about Open Banking in Nigeria...

May 2 2024

Hello Nigeria! - Rolling out Open Banking Capabilities (A KPMG Article)...

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