Nigeria is steadily moving from policy to practice in its open banking journey.
The Central Bank of Nigeria (CBN) remains committed to launching open banking nationwide, having set the foundation for what is expected to become one of Africa’s most comprehensive open data frameworks.
Although the initial nationwide go-live date of August 1, 2025, did not materialize, industry leaders remain optimistic that the CBN’s cautious approach reflects the regulator’s priority: to ensure the system launches safely, with consumer protection and industry stability at its core.
Over the past year, significant work has gone into developing the technical and operational frameworks that will shape how open banking functions in Nigeria. To achieve this, the CBN appointed key members of the financial industry to lead five dedicated implementation workstreams, focusing on Governance & Regulation, Legal & Compliance, Technical & Infrastructure, Data Security, and Stakeholder Engagement.
These workstreams represent the building blocks of Nigeria’s open banking framework. Each has produced essential documents and frameworks to guide how data sharing, consent management, and technical onboarding will work once open banking officially goes live.
As of September 2025, these workstreams have completed their deliverables, and the implementation documents are now with the CBN for final review. The industry now awaits the next directive from the regulator, with expectations of a phased go-live in early 2026.
Nigeria has adopted a centralized and regulatory-led model for open banking. One that combines strict oversight with collaborative industry input. This model is designed to ensure security, trust, and interoperability across the financial ecosystem.
In 2021, the CBN issued the Regulatory Framework for Open Banking in Nigeria, providing the legal foundation for secure, standardized data sharing among financial institutions and licensed third-party providers.
The CBN’s Operational Guidelines followed shortly after in 2023, facilitating secure data sharing between banks and third-party providers (TPPs). This framework categorizes data and services into tiers with specific access requirements, promoting secure data sharing and enhancing the digital banking ecosystem.
At the center of the new implementation architecture is the Nigeria Inter-Bank Settlement System (NIBSS), which will operationalize two key pillars of the framework:
This approach ensures uniform standards, auditability, and compliance with the Nigeria Data Protection Act (NDPA)
The Central Bank of Nigeria (CBN) remains the chief architect and regulator of the open banking ecosystem. Through its frameworks, the CBN ensures that:
APIs are standardized, secure, and interoperable;
The CBN’s role extends beyond regulation. It also drives coordination between the workstreams, the NIBSS, and other ecosystem players to ensure readiness for go-live. Its cautious and phased approach reflects a broader objective: building a sustainable, trusted, and future-proof data-sharing ecosystem for Nigeria’s financial industry.
Nigeria’s open banking journey is spearheaded by a coalition of proactive industry stakeholders advocating for greater transparency in the financial industry.
The CBN oversees the regulatory framework for open banking in Nigeria, ensuring that the implementation of open banking is safe, secure, and efficient. As the main regulatory body, the CBN sets the rules and guidelines that other stakeholders follow. Learn more on the CBN’s role in Nigeria’s open banking journey here.
While the CBN oversees the entire regulatory framework, NIBSS is tasked with operationalizing the Open Banking Registry (OBR) and managing the Open Banking Consent Management System (OBCMS) on behalf of the industry. NIBSS is a shared-service e-payment infrastructure created by the CBN and Nigerian commercial banks to facilitate secure and efficient electronic payment systems. It plays a key role in ensuring that customer data is protected and that consent for data sharing is managed in line with the Nigeria Data Protection Regulation (NDPR).
Traditional banks play a significant role as API providers in Nigeria’s open banking ecosystem. These banks are key funders of the initiative, having invested heavily in the technology required to facilitate the adoption of open APIs. Through these APIs, they allow fintechs and other TPPs to access customer data (with consent) and offer new services to enhance the customer experience. Some worthy mentions include Sterling Bank, Sparkle Bank, and Wema Bank, who are participating actively in this innovation.
Leading fintech players such as Mono, OnePipe, and Lendsqr, stand as ardent advocates of open banking in Nigeria. These fintechs are eager to leverage open APIs provided by banks to develop tailored financial products and services. They focus on providing innovative solutions in areas such as personal finance management, credit, and payment processing, fostering competition and financial inclusion in the industry.
Open Technology Foundation, primarily known as Open Banking Nigeria, is a non-profit organization founded by a group of industry experts, with members cutting across 55+ banks, fintechs, and consulting firms. OBN has worked directly with the CBN and other regulators to drive industry advocacy, develop and document the API standards for open banking in Nigeria. They have also collaborated with prominent financial institutions to develop an open-source API gateway to streamline the adoption of open banking in Nigeria. In addition to these efforts, OBN promotes consumer education and open banking awareness through industry engagements and annual webinars.
The Committee of Banking Heads in Nigeria (CeBIH): A collaborative group of e-banking heads from various Nigerian banks, CeBIH promotes the adoption of digital banking services and works closely with regulators to ensure smooth integration of open banking across the financial ecosystem.
The West African Bankers Association (WABA): This regional body represents financial institutions across West Africa and advocates for standardized cross-border policies that support open banking and financial inclusion. WABA plays an instrumental role in aligning Nigeria’s open banking framework with broader regional goals for seamless financial services.
These stakeholders are pivotal to Nigeria’s open banking ecosystem, each playing their part in driving innovation, competition, and consumer protection.
Open banking is now in its most critical phase in Nigeria with the current shift from framework to function. With the regulatory groundwork complete, the focus now turns to successful implementation.
Nigeria’s model, built on collaboration, centralized infrastructure, and consumer protection, stands to redefine how financial data is accessed and used securely. As the ecosystem awaits the next milestone, one thing is clear: the foundation for a truly open, inclusive, and innovative financial system has already been laid.
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.
