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 Nigeria. Consequently, it is important that regulations are in place to protect the data of …
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The potential impact of open banking on the growth of fintechs in Africa
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Authentication and authorization over “dumb” channels for open banking
In Nigeria, incorporating FAPI with feature phones and channels not driven by internet has been a big concern, but OBN now has the answer. Read all about it on our latest blog post
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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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5 Innovative Ideas that Open banking will support
by Victor Aboh Have you ever thought to yourself, “if only I could get this piece of data from a certain financial institution, I would make an application that solves a pressing customer issue”? Then, Open banking is here for you! Open Banking provides the framework for consumers to permit financial institutions to share their …
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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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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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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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