Open banking serves as a remedy to this predicament and saves financial service providers like Mono from the headache of even considering embarking on this herculean task. The implementation of open banking standards mandates banks to provide statement and other financial data in a uniform fashion; either directly or through a middleware if their infrastructure cannot conform to this standard (yet). This eliminates the complexity that hinders seamless integration.
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Mono can redefine its open banking with open banking!
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The Role of Fintechs in Nigeria’s Open Banking Ecosystem
With over 250 Fintechs in Nigeria, 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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How Open Banking will help businesses with money management
A major challenge experienced by both SMEs, MSMEs and large businesses is determining how best to manage their money gotten from sales or other operations. The reality is that many businesses leave money on the table by letting funds sit in their current accounts. Of course, the banks are more than happy for companies to …
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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 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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Redefining Customer-Centricity
By Khadijah Abu and Yvonne-Faith Elaigwu Introduction Traditionally, most financial products and services were designed without consulting customers or truly understanding their peculiar needs. Product designs and features were rather focused on what technology can do – highlighting new features and innovation which may not address the core of customer needs. Hence, the idea of …
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Is Nigeria Ready for an API-Led Banking? – An Open Banking Nigeria perspective
Nigerian banks have become leaders within the digital finance space in Africa within the last 10 years. While many reference M-Pesa as an example of mobile money innovation in Africa that Nigeria is yet to completely pull off, it can be stated that Nigerian banks currently offer more than what M-Pesa or other mobile money schemes …
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Interswitch, Paga adopt Open Banking, to champion advocacy in Nigeria
Interswitch, Africa’s largest integrated digital payments and financial technology firm, and pioneer mobile payments firm, Paga have joined other forward-thinking stakeholders in Nigeria’s financial services industry to adopt Open Banking and champion its advocacy in Nigeria with the aim of driving innovation and choice for customers, businesses, financial technology firms, banks and other players in …
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EY, Open Banking Nigeria Partner for Financial Services Innovation
Ernst & Young (EY), a global professional services firm, has finalised arrangements with Open Banking Nigeria to develop and advocate for a standard Application Programming Interface (API) for the country’s financial services industry. The partnership will, in addition, transform the management of financial data and extend services to individuals and businesses across Nigeria. EY, in …
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