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Overview
Tunisia has a diversified economy, supported largely by sectors such as agriculture, manufacturing, and services. In recent years, Tunisia has focused on modernizing its financial sector as part of a broader strategy to enhance economic growth. The country has made major strides in digital finance, driven by increasing mobile phone penetration and a strong push from regulatory authorities.
Central Bank of Tunisia
The Central Bank of Tunisia (BCT) shapes the financial landscape of the country. The CBT has been minimal in its efforts to promote the adoption of open banking as part of its broader strategy to modernize and diversify Tunisia’s financial sector. Reports suggest that the CBT has established a readiness assessment framework to set expectations from a technology standpoint, ensuring that the necessary infrastructure is in place for open banking.
To support the fintech ecosystem, the BCT has also launched a sandbox environment, allowing fintech companies to test innovative products before they are made widely available in the market.
If Tunisia adopts a regulatory-led approach, it is expected that its Central Bank would spearhead the implementation and regulation of open banking, setting the necessary guidelines and standards for data sharing and API integration.
Looking Ahead
The future of open banking in Tunisia looks promising, driven by the efforts of the Central Bank of Tunisia and the government’s commitment to digital transformation. Tunisia is well-positioned to leverage open banking to enhance financial inclusion, foster innovation, and support the growth of the digital economy if a comprehensive regulatory framework is established and the necessary digital infrastructure is put in place.
Important Links
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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