Open banking is the new financial frontier. Everyone’s talking about it, but few truly understand the goldmine it represents. How does open banking work, you ask?
Essentially, it’s about breaking down the walls between banks and third-party providers, allowing for a free flow of financial data. This newfound transparency has the potential to unlock a world of innovation, from hyper-personalized financial products to streamlined payment processes
2023 was a pivotal year for open banking in Nigeria. With the CBN’s regulatory nod, we laid the groundwork for a financial revolution. OBN, at the forefront of this movement, has been instrumental in shaping the landscape.
But this is just the beginning. 2024 promises to be a year of execution, where the potential of open banking becomes a tangible reality. We’re not just building a new financial system. We’re constructing a future where consumers have unprecedented control over their financial data.
However, before we peek into the future, let’s recap what we achieved last year.
Reflecting on 2023
In March 2023, Open Banking achieved a significant milestone when it officially received approval from the Central Bank of Nigeria (CBN) on the operational guidelines for open banking. This monumental decision prompted a series of inquiries within the industry, particularly regarding the timeline for banks’ adoption of the open banking standard. We are confident that this year holds answers to this crucial query.
Internally, we launched a series highlighting partner open banking strategies, delving into their innovative approaches, and showcasing their success stories.
Key releases such as the Mono article and interview with Trium, offer an enlightening introduction into understanding our partners’ perspectives. Expect a continuation of this insightful series of partner spotlights throughout the year, shedding light on the depth of the collaboration that fuels the Open Banking movement.
Building on the approval of operational guidelines, OBN promptly got to work to create an open-source gateway named ‘Aperta’. This innovation serves as the cornerstone for implementing the API standard and was designed to enable API providers to seamlessly transition their existing APIs into the open banking API standard. Aperta, with its focus on interoperability and efficiency, is poised to become a game-changer in the Open Banking ecosystem.
However, despite these laudable achievements, it is imperative to recognize that considerable work still lies ahead. This is a pivotal phase for the industry and it demands a collective effort to bring the vision of open banking to life and ensure its success. In 2024, we are charging into the year with a robust and dynamic agenda for the possibilities that Open Banking unlocks.
For those who seek to familiarize themselves with the significance of open banking, our past videos provide a comprehensive primer on the subject.
What awaits in 2024?
As we set our sights on 2024, the calendar holds a series of milestones:
February 2024: Aperta, the OBN gateway
In February, Aperta, our gateway project, is scheduled for final quality assurance testing and internal demos. The dedicated project delivery team is meticulously closing out all technical implementations to ensure Aperta’s readiness for industry consumption. With this, Aperta transitions from a mere concept to reality; catalyzing the Open Banking revolution.
February 2024: A sitdown with industry stakeholders
Simultaneously, OBN will mark its presence with its annual industry event relaunch. This year, the kickoff will feature a technical webinar delving deep into the heart of open banking go-live in Nigeria. The event promises to be a confluence of insights, innovations, and industry collaboration.
March 2024: Unveiling Aperta
Aperta, the open-source gateway will officially launch in March and become available. We look forward to enabling the capability for stakeholders across the industry to spin up instances of Aperta on their infrastructure and seamlessly plug in their existing APIs. A new era of interoperability and streamlined processes is coming.
March to May 2024: Anticipating NIBSS initiatives
While not yet confirmed, the anticipation builds for NIBSS to commence work on the consent management framework and open banking registry. These initiatives are expected to drive the regulatory management of open banking in Nigeria and provide a solid framework for industry-wide adoption.
August 2024: Industry adoption takes flight
By August, if all progresses as planned, we envisage the widespread adoption of open banking standards. The combination of Aperta’s go-live and the collaborative efforts of industry stakeholders is set to give rise to a standardized system that propels open banking into the mainstream.
OBN’s pledge for a transformative future in 2024 and beyond
While the aforementioned events provide a glimpse into the transformative journey of 2024, it is essential to note that numerous initiatives will continue to unfold throughout the year.
OBN remains committed to being the leading advocate and guiding force for the launch and adoption of open banking in Nigeria. We are steering the industry toward a future defined by innovation, collaboration, and unprecedented possibilities.
Additionally, we will continue to release relevant content and connect the open banking community and industry stakeholders through pivotal events.
To stay updated about key developments in open banking in Nigeria, learn about membership opportunities, or make inquiries about participation, please reach out to the dedicated OBN team via email at [email protected].
