Proposed API standard in collaboration with nine banks and various fintech stakeholders.
Draft published at https://openbanking.ng.
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.
Release of alpha version of API for
Build and deploy a working sandbox.
Release and review of beta
Hackathon for alpha and beta
Stable API standard for production
Sign up 5 banks who are committed to
support the API standard.
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.
20 banks signed up and in production
for Open Banking.
30% reduction in financial exclusion
attributable to ease of implementation
of Open Banking APIs.
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.