Open banking in Cape Verde – Open Banking Nigeria

Cape Verde

Overview

Cape Verde’s financial sector is regulated by the Banco de Cabo Verde (BCV), which oversees monetary policy, banking operations, and the growing digital financial services landscape. The country is characterized by a strong service-oriented economy, with commerce, tourism, and public services making up a significant portion of its GDP. However, the financial sector is still evolving, with a particular emphasis on improving access to financial services and promoting digital transformation.

Recent innovations include expanding digital payments and mobile banking services, which are critical for financial inclusion in a country where geographical dispersion can hinder traditional banking. The government has been focusing on supporting small and medium enterprises (SMEs) through digital initiatives like the Capacity Building Grant for MSMEs, as well as implementing new financial technologies to increase efficiency and transparency in the financial sector.

Current Status of Open Banking

Currently, Cape Verde has no formal open banking framework. While digital payments and mobile financial services are expanding, there is limited regulatory support for data sharing or third-party financial integrations. However, the rising adoption of mobile financial platforms indicates potential for open banking in the future, especially if the regulatory environment evolves to support secure data sharing and fintech collaborations.

Looking Ahead

Cape Verde is well-positioned to benefit from open banking initiatives by leveraging its growing digital infrastructure and innovative financial ecosystem. As the countries continues its digital transformation journey, the adoption of open banking could accelerate financial inclusion, foster competition, and strengthen the country’s financial sector. Further updates will follow as progress unfolds in this space.