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 framework, sparking a new wave of excitement and innovation. Yet, for something that’s supposed to …
More-
3 things that are sometimes mistaken for open banking but not
-
The future of Lendsqr depends on open banking
Lendsqr, an LaaS firm needs open banking made available in Nigeria to help its lenders scale and digitize their business, effectively.
More -
The potential impact of open banking on the growth of fintechs in Africa
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 …
More -
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 …
More -
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 …
More -
Advocating for Open Banking in Nigeria
Open Banking Nigeria Trustee, Adedeji Olowe and Head of content at Open Banking Expo, Ellie Duncan, recently sat down for a chat on the ‘Open Banking Expo Unplugged’ podcast. In the 25-minute podcast, Olowe tells how far Nigeria is from implementing Open Banking and the current challenges being faced. He also reveals why the establishment …
More -
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 …
More -
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 …
More -
Open Banking In Africa
The conversation on Open Banking in Africa is one that has been a long time coming. While the benefits seem apparent at first glance, there’s a lot at stake for banks, fintechs, governments, and consumers. Open Banking uses secure application programming interface (API) integration with banking systems and mutually agreed on API taxonomy to let …
More -
Open APIs: Why fintechs should also adopt common standards
In March 2021, Flutterwave, one of Nigeria’s Fintechs, raised a Series C funding of $170M, at a $1 billion valuation. Flutterwave became the second Fintech in Nigeria to reach a $1 billion valuation after Interswitch, which reached a $1billion valuation in 2019 when Visa acquired a 20% stake in the company.
More
