• Open Banking and competition in Nigeria’s banking ecosystem

    by Simon Aderinlola and Adedeji Olowe Introduction The concept of Open Banking is emerging globally as the potential future of the banking industry. Open banking refers to how financial institutions and third-party providers (FinTechs, InsurTechs, Lifestyle service providers, Retail companies, Telcos, Energy companies etc.) leverage open Application Programming Interfaces (APIs) to share data in a …

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  • Open Banking is a panacea to integration risks

    by Ayowole Popoola and Igboa Abumere Executive Summary The need to build a connected world has become very imperative. Almost every industry has been upturned by the advent of technology and the internet. From the logistics to the automotive sector, the integration of various devices and services to create an interactive world has made users …

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  • Open banking – Rethinking access to credit in banking services

    Introduction Banks, Fintechs, and other financial institutions have traditionally relied on internal customer and transactional data as well as credit scores/reports from credit bureaus for credit risk assessment. In developing these credit scores and reports, Nigerian credit bureaus have aggregated and leveraged data from financial institutions to conduct their risk assessment. However, the credit bureaus …

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  • Open Banking Nigeria 2019 Annual Report

    Open banking signals a remarkable shift in the business of banking. It embodies a creative disruption of the banking business, leading to a rearrangement of priorities and focus on consumer needs and changing expectations, leveraging data in a system built on open APIs.  At its core, open banking aims to simplify the way customers interact …

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  • Open APIs: An inclusive model for advancing financial inclusion in Nigeria (An Open Banking Nigeria perspective)

    Introduction Financial inclusion has become more than a catchphrase within the financial services space in recent times, primarily due to discussions on the subject from several stakeholders, including development organisations, governments, banks, etc. Investopedia defines financial inclusion as “efforts to make financial products and services accessible and affordable to all individuals and businesses, regardless of …

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  • Open Banking: Redefining Customer-Centricity

    By Khadijah Abu and Yvonne-Faith Elaigwu Introduction Traditionally, most financial products and services were designed without consulting customers or truly understanding their peculiar needs. Product designs and features were rather focused on what technology can do – highlighting new features and innovation which may not address the core of customer needs. Hence, the idea of …

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  • How will the role of incumbents evolve? – An Open Banking Nigeria Perspective

    Introduction Open banking is the outcome of direct and indirect push from change drivers such as technology, competition, customer expectations & preferences, and regulation in the financial services ecosystem. Redefining banking and other financial services, the open model provides a sneak preview into how financial services will be delivered and consumed as part of the …

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  • Is Nigeria Ready for an API-Led Banking? – An Open Banking Nigeria perspective

    Nigerian banks have become leaders within the digital finance space in Africa within the last 10 years. While many reference M-Pesa as an example of mobile money innovation in Africa that Nigeria is yet to completely pull off, it can be stated that Nigerian banks currently offer more than what M-Pesa or other mobile money schemes …

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  • Open Banking Nigeria 2018 Annual Report

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