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Overview
Burundi’s financial sector, under the supervision of the Bank of the Republic of Burundi (BRB), faces significant challenges, including limited access to finance, a highly fragmented banking system, and a reliance on government securities. Despite these obstacles, recent developments indicate a gradual shift towards digital financial services and financial inclusion. Mobile money services, though emerging, have yet to reach their full potential due to infrastructural and regulatory constraints.
Burundi’s financial inclusion rate is 21%, highlighting the untapped potential for digital financial solutions. Foreign banks have started entering the market, which could boost competition and innovation, though political and economic instability continue to hinder broader financial sector reforms.
Looking Ahead
Open banking is still in its conceptual phase in Burundi. There are no formal regulations or infrastructure for data sharing between financial institutions and third-party providers. However, the BRB is focused on improving digital payment systems and consumer financial inclusion, laying the groundwork for potential future open banking initiatives. Realizing its full potentialmeans developing the necessary guidelines for secure data sharing and consumer protection and promoting partnerships between banks and other financial service providers as these are the pillars of open banking.
Open Banking Nigeria (Open Technology Foundation) is a non-profit backed by a group of industry experts across banking, fintech, risk management, and more to drive and launch the open banking standard in Nigeria.
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