Top questions people ask about Open Banking Nigeria.
Is Open Banking a commercial software?
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.
Who is Open Banking for?
This has been designed for all deposit money banks, microfinance banks, and other financial institutions.
Who’s behind the Open Banking Nigeria project?
The project is backed by individuals with extensive industry experience and passion to simplify and transform
payments in Nigeria.
How do you ensure security?
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.
How much does it cost?
The API standards and sandbox are free to use for everyone – banks, OFIs, developers, etc.
What is the licence framework?
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.
How do you make money?
The Open Technology Foundation does not make any income. However, its activities are funded by
donations by members and interested stakeholders.
What is Open Banking Nigeria?
Open Banking Nigeria is a set of Open Banking APIs designed specifically for the Nigerian financial industry.
These APIs are to be adopted as a standard for the Nigerian financial industry.