Open Banking: Open Technology Foundation launches free APIs to make banking easier

The Open Technology Foundation, a not-for-profit organization, has launched Open Banking Nigeria open source APIs, in a bid to drive innovation and choice for all parties within the financial industry.

The APIs, which are the first set of free banking APIs in Nigeria, is to be adopted as a standard for the Nigerian financial industry will cater for all financial institutions.

Objectives of the APIs, according to Adedeji Olowe, the spokesperson for Open Banking Nigeria, are to encourage banks and fintechs to adopt open standards for their API implementations while easing the cost of challenges of innovation and improving customer experience.

The APIs cover every aspect of the banking system including ATM, bill payment, POS, direct debit among others, and can be accessed here.

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