The OBN team answers some of the most popularly asked questions about Open Banking in Nigeria
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Frequently Asked Questions about Open Banking
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What Are The Next Steps For Open Banking In Nigeria?
The Central Bank of Nigeria (CBN) recently released the exposure draft of the operational guidelines of Open Banking in Nigeria which clearly stipulates the roles, responsibilities and expectations for each participant in the open banking system. The draft focuses on ensuring that open banking in Nigeria starts on a foundation of solid operational efficiency. The …
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Open Banking: Driving growth for banks in Nigeria
Introduction The way we carry out financial transactions today is very different from what it used to be. At the moment, there are a lot of fintech companies and innovators constantly pushing the boundaries within the finance sector. These advancements have created the importance of seamlessly sharing data through an open banking system. This would …
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Open Banking In Africa
The conversation on Open Banking in Africa is one that has been a long time coming. While the benefits seem apparent at first glance, there’s a lot at stake for banks, fintechs, governments, and consumers. Open Banking uses secure application programming interface (API) integration with banking systems and mutually agreed on API taxonomy to let …
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Why Open Banking and what’s in it for banks in Nigeria?
With the many changes in the banking sector and the country as a whole, Open Banking seeks to bridge the gap between banks and fintechs with standardized API access; where all banks share the same data and API taxonomy. It is essential to note that there is currently a power imbalance between banks and fintechs. …
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Open banking: Implications for the non-banking finance industry
Two decades ago, if you wanted to deposit money, pay bills or access a range of financial services, the bank would have been the only place to turn to. But that has since changed with fintechs unbundling banking and offering many of these services as stand-alone offerings. Fintechs like PiggyVest, offer their customers the ability …
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Open Banking: 4 steps banks and fintechs can adopt in mitigating risks of data leakage
With millions of customers, banks and other fintechs hold a ton of customer data that they use to make all sorts of decisions. They collect identity cards, utility bills, signatures, and transaction records, which can create useful snapshots of customers when put together. While collecting this data is important, it creates an obligation. All that …
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Consumer Savings Application (An Open Banking Use Case)
by Adedeji Olowe and Khadija Abu Introduction Nigerians have increased the amount of money they save over the last 3 years. This, however, has not yet translated into a true savings culture for most Nigerians. Users and providers of financial savings products and services (banks, fintechs etc.) face several challenges which inhibit the ease of …
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Open Banking is a panacea to integration risks
by Ayowole Popoola and Igboa Abumere Executive Summary The need to build a connected world has become very imperative. Almost every industry has been upturned by the advent of technology and the internet. From the logistics to the automotive sector, the integration of various devices and services to create an interactive world has made users …
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PwC Nigeria, Heritage Bank, and Global Accelerex join Open Banking Nigeria
As moves to establish open banking API standards in Nigeria intensifies, PwC Nigeria, Heritage Bank, and Global Accelerex have joined the list of companies who are currently supporting Open Banking Nigeria (OBN). In separate announcements, the companies have pledged their support towards the adoption of Open Banking Application Programming Interface (API) standards for the transformation …
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