Raidiam, the United Kingdom’s pioneering provider of digital connectivity, identity and access management services, has become the latest corporate member of Open Banking Nigeria, the leading non-profit coalition of industry stakeholders advocating the adoption of open banking in Nigeria.
Raidiam was an active participant in the design and development of the Trust Framework which delivered a sustainable, standards-based open banking model for the United Kingdom, following the requirements of the European Union’s Revised Payment Services Directive (PSD2). This model has proven to be highly adaptable across different markets and policy objectives, with other countries now adopting the core security and trust protocols to power their own implementations of open banking.
The firm brings to the group its industry experience and reference technology, for the development, implementation and adoption of standard Application Programming Interfaces (APIs) that will create a new data-sharing infrastructure and enable the development of a much richer range of customer-centric, multi-industry services and solutions.
“We are committed to helping organisations identify and deploy the right connectivity strategy and technologies to help them unlock digital value. Joining Open Banking Nigeria affords us an opportunity to help Africa’s most populous country deliver a tailored, standards-based, consumer-centric and market-led open banking ecosystem,” said Barry O’Donohoe, co-founder, and partner of Raidiam.
Raidiam joins other stakeholders in the banking, fintech, financial advisory, customer service, and regulatory industries, among others, in and outside Nigeria in this effort to transform Nigeria’s financial services landscape. Its involvement, with the active participation of other members, will impact richly on the quality and outcome of the standard Application Programming Interfaces (APIs) to be adopted in Nigeria; and will increase the possibilities for product offerings and expansion of the service across various industries.
“In this global village, technology is a leveler which powers cross-continent collaborations among stakeholders at different cadres including key players and regulators,” said Ope Adeoye, a Trustee of Open Banking Nigeria.
“It is for this reason that we welcome Raidiam on board as we, together with other partners, build standard APIs that would serve Nigeria and impact the rest of Africa, breaking down sectoral and geographical limitations and prioritising customer interest.”
Other organisations that have joined Open Banking Nigeria recently include the San Francisco based Pngme, the all-inclusive mobile banking platform for the world’s unserved and underserved people; HGS Digital, cross-industry leaders in customer experience management; TrueLayer, a global open banking transaction processor; and Sparkle, a digital bank for the retail sector.