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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Open APIs: An inclusive model for advancing financial inclusion in Nigeria (An Open Banking Nigeria perspective)
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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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The Paypers releases the Open Banking Report 2019
The Paypers has launched Open Banking Report 2019, which strives to offer the freshest and most robust insights into the global Open Banking landscape. The 2019 report clarifies the role of key key-players in a post-September 14th world and assesses how the landscape has shifted within Europe and beyond, highlighting trends that should shape the …
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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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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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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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KPMG, Open Technology Foundation collaborate, for improved financial services
KPMG, a professional services company and one of the Big Four auditors in the world, has signed a Memorandum of Understanding with Open Technology Foundation (OTF), to promote a standard Application Programming Interface (API) for in the financial services sector in Nigeria, with the primary objective of consistently providing consumers of financial services with access …
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PwC Nigeria, Heritage Bank, and Global Accelerex join Open Banking Nigeria
As moves to establish open banking API standards in Nigeria intensifies, PwC Nigeria, Heritage Bank, and Global Accelerex have joined the list of companies who are currently supporting Open Banking Nigeria (OBN). In separate announcements, the companies have pledged their support towards the adoption of Open Banking Application Programming Interface (API) standards for the transformation …
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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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