Tag Archives: Central Bank of Nigeria

  • 2022: Nigerian Fintech Map and Year in Review by Segun Adeyemi

    The Role of Fintechs in Nigeria’s Open Banking Ecosystem

    With over 250 Fintech Startups in Nigeria6, it is clear that Open Banking can serve the strategic objectives of many sub-verticals ranging from Lending to Personal Finance and from Agritech to Digital Insurance. Learn more here.

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  • Open Banking in Action via APIs (What next: Part 3 of 3)

    Open banking has revolutionized the financial services industry by promoting transparency, competition, and innovation. At the heart of this transformation lies the efficient flow of data and services through Application Programming Interfaces (APIs). 

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  • Central Bank of Nigeria's logo is seen on the headquarters building in Abuja

    Four innovations with CBN’s open banking regulations

    Nigeria is undoubtedly in the lead with its open banking initiatives among African countries and other developing countries. Following the release of the operational guidelines for open banking in Nigeria, the journey to fully launched open banking standards is within months at the most. Open banking holds the potential to promote financial inclusion and transform …

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  • Advocating for Open Banking in Nigeria

    Open Banking Nigeria Trustee, Adedeji Olowe and Head of content at Open Banking Expo, Ellie Duncan, recently sat down for a chat on the ‘Open Banking Expo Unplugged’ podcast. In the 25-minute podcast, Olowe tells how far Nigeria is from implementing Open Banking and the current challenges being faced. He also reveals why the establishment …

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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: 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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  • Central Bank of Nigeria's logo is seen on the headquarters building in Abuja

    CBN’s regulatory framework on open banking in Nigeria; What next?

    In March 2018, the Central Bank of Nigeria talked about its interest in an Open Banking system, which will open up the financial system and allow the transaction data that banks sit on to be accessible to other industry players. All of this data sharing will happen through Application Programming Interfaces (APIs).   At the time, …

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  • OPEN BANKING AS A KEY DRIVER FOR FINANCIAL INCLUSION

    Opening the door to financial inclusion in Nigeria. On Wednesday, 24th of February, 2021, Open Banking Nigeria held a conference to discuss the theme “Open Banking as a key driver for financial inclusion in Nigeria.” Speakers at the event were: Ade Bajomo – ED Information Technology and Operations, Access Bank Ronke Kuye – CEO Shared …

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  • Open APIs: An inclusive model for advancing financial inclusion in Nigeria (An Open Banking Nigeria perspective)

    Introduction Financial inclusion has become more than a catchphrase within the financial services space in recent times, primarily due to discussions on the subject from several stakeholders, including development organisations, governments, banks, etc. Investopedia defines financial inclusion as “efforts to make financial products and services accessible and affordable to all individuals and businesses, regardless of …

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