Progress

Our strides forward and our outlook for the future

Proposed API standard in collaboration with nine banks and various fintech stakeholders. Draft published at https://ec2-18-191-33-207.us-east-2.compute.amazonaws.com.
CBN considering Open Banking as a critical component of PSV 2030.
Building a sandbox at https://sandbox.openbanking.ng.
Nigeria on the global radar as the first in Africa. Invited by SWIFT and Citi Bank to be part of the global Open Banking API standard.
Launched Open Banking Nigeria to the banking and other industry stakeholders on March 22, 2018.
Assembled a group of collaborators including banks, Fintechs, and Big 4. Got financial AID from FSD Africa and Sterling Bank.
January 2019
December 2019
12 Months
Release of alpha version of API for industry review.
Build and deploy a working sandbox.
December 2019
June 2020
18 Months
Release and review of beta version.
Hackathon for alpha and beta versions.
Stable API standard for production release.
Sign up 5 banks who are committed to support the API standard.
June 2020
December 2020
24 Months
The Central Bank of Nigeria has a formal regulation for Open Banking.
Release of stable production version.
Certification program in production.
Additional 10 banks signed up, bringing total to 15 out of 22 banks 8 banks going live.
December 2020
December 2021
36 Months
20 banks signed up and in production for Open Banking.
30% reduction in financial exclusion attributable to ease of implementation of Open Banking APIs.
December 2021


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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