Open Banking Blog

Stories, insights, and advice that will transform banking and finance for good

January 2 2025

Nigeria’s digital payment ecosystem is at a crossroads. While digital payment adoption is growing, with over 60% of the population engaging in online transactions, many Nigerians still face persistent barriers: transaction failures, delays in receiving one-time passwords (OTPs), and security...

November 29 2024

Most business owners in Nigeria are sitting on opportunities they don’t even know exist. While everyone is busy talking about “scaling up” or finding the next big import deal, there’s a quiet revolution happening right under our noses—open banking.  The...

September 27 2024

Open Banking has been touted as one of the most revolutionary shifts in financial services, with Nigeria at the forefront of adopting this transformative model in Africa. In 2021, the Central Bank of Nigeria (CBN) formalized the Open Banking regulatory...

August 26 2024

In Nigeria, the Open Banking Consent Management System (OBCMS) is the technological platform from which this consent is given. Uniquely, the OBCMS uses the Bank Verification Number (BVN) to verify end-user identities when they grant consent....

August 12 2024

Open Banking and Artificial Intelligence are more connected than might be guessed at the surface. Startups, Prosaic and Abound, have raised over $500 million on the premise that they can improve customer outcomes by combining these technologies. But how can...

June 30 2024

The OBN team answers some of the most popularly asked questions about Open Banking in Nigeria...

May 2 2024

Hello Nigeria! - Rolling out Open Banking Capabilities (A KPMG Article)...

November 3 2023

How Charities and NGOs can benefit from Open Banking...

January 31 2023

Lendsqr, an LaaS firm needs open banking made available in Nigeria to help its lenders scale and digitize their business, effectively....

January 18 2023

However, despite the inherent benefits of operating an open banking system, there are concerns about the security and privacy of customers’ financial information within the system. This is one of the main challenges with the adoption of open banking in...

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