The Open Banking API standards are a set of open source non-profit API standards designed to be used by banks and other financial institutions in Nigeria for free.
This has been designed for all deposit money banks, microfinance banks, and other financial institutions
The project is backed by individuals with extensive industry experience and passion to simplify and transform payments in Nigeria
The bank or other API stack provider will implement and deploy the Open Banking APIs behind the bank’s firewalls in line with standard security practices.
Individual account holder data access uses OAuth as authentication medium. Every application or service is required to be tested by the banks against the sandbox before deployment.
The Open Technology Foundation has provided a free API sandbox at https://sandbox.openbanking.ng.
The API standards and sandbox are free to use for everyone – banks, OFIs, developers, etc.
The Open Banking APIs are licensed under open source meaning anyone can read and modify a copy of the code) and it also uses open source technology (databases, frameworks, languages, message queues, operating systems) by default.
The Open Technology Foundation does not make any income. However, its activities are funded by donations by members and interested stakeholders
The Open Banking is are API standards designed for the Nigerian financial industry while the Open Technology Foundation in the non-for-profit institution legal body set up to drive this initiative.