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: Implications for the non-banking finance industry
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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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How will the role of incumbents evolve? – An Open Banking Nigeria Perspective
Introduction Open banking is the outcome of direct and indirect push from change drivers such as technology, competition, customer expectations & preferences, and regulation in the financial services ecosystem. Redefining banking and other financial services, the open model provides a sneak preview into how financial services will be delivered and consumed as part of the …
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Nigeria to Pioneer Open Banking in Africa, Joins the UK, Others
Nigeria has signified a strong desire to become the first country in Africa and the second in EMEA—after Bahrain—to officially adopt an Open Banking standard, which defines how financial data is created, shared and accessed – a system which also provides users with a network of financial institutions’ data through the use of a standard …
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CBN Prioritises Open Banking as Centric Gateway Launch Initiatives
The Central Bank of Nigeria has prioritised Open Banking in the development of the Payment Systems Vision PSV 2030 as it considers the concept as one of the top global trends and new practices in payments that have been deployed in other countries which must be considered in Nigeria. According to the apex bank, this …
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Open Vector: ‘Open Banking Nigeria’s practical approach is yielding results’
As the effort to establish open banking API standards in Nigeria intensifies, Open Vector, one of the world’s most competent Open API consulting companies, has released a detailed report on Open Banking Nigeria. The report written by Open Vector for Open Banking Nigeria analyses the current situation in Nigeria with respect to open banking and …
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Open Vector report for Open Banking Nigeria
Abstract This study, commissioned by open Banking Nigeria (OBN) analyses the current situation in Nigeria with respect to open banking and what might be learned from other open banking initiatives notably in the UK and Europe. The key finding is that while OBN ‘bottom up’ practical approach is yielding benefits, if it is not to …
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CBN to embrace Open Banking System
As the banking system moves to deliver quality services to consumers in the 21st century driven by new technological advancements, the Central Bank of Nigeria (CBN) has declared its interest in Open Banking System which grants bank customers easy access to their data and opening the financial system to applications and other services. This was …
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