Open banking. The buzzword that has everyone nodding in agreement, but if you stop the average person on the street—or even in the boardroom—they’d struggle to tell you what it really means. Is it APIs? Fancy fintech dashboards? Or is it just another Silicon Valley dream exported to Africa and rebranded for the local market? …
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Are Mono and Stitch truly open banking?
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What’s OCEN and could it work with open banking in Nigeria?
Imagine a world where access to credit isn’t just a privilege for the fortunate few but a foundational layer of everyday life—like clean water or electricity. Now, hold that thought and ask yourself: why is it that in a country with over 200 million people, borrowing money still feels like climbing a mountain while blindfolded? …
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7 ways the new US Open Banking regulation outshines the UK’s
While countries around the world are adopting open banking in their unique ways, the UK and the US stand out as leaders with very different approaches.
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Nigeria will use BVN for open banking consent management, is it a good move?
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.
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Unlocking Opportunities: Open Banking and Artificial Intelligence (AI) in Nigeria
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 these powerful technologies be harnessed to improve the lives of the average Nigerian? This article …
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3 ways credit needs Open Banking in Nigeria
Credit is not just a financial tool; it’s the lifeblood of a thriving economy. No nation can truly prosper or expand without the support of a robust credit system. Financial services often find their footing and thrive when credit is available, making it indispensable for economic survival and growth.
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Frequently Asked Questions about Open Banking
The OBN team answers some of the most popularly asked questions about Open Banking in Nigeria
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Technologies and use cases for Open Banking in Nigeria
We hosted an industry event with major stakeholders who delved deeper into the technologies and use cases for open banking in Nigeria.
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How Open Banking in Nigeria will work in 2024
We are steering the industry toward a future defined by innovation, collaboration, and unprecedented possibilities.
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Mono can redefine its open banking with open banking!
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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