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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7 ways the new US Open Banking regulation outshines the UK’s
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The role of NIBSS in open banking
One could say NIBSS was built for this pivotal moment in Nigeria’s financial history. Back in 1993, the Central Bank of Nigeria and the Bankers’ Committee brought in NIBSS to solve a massive problem—Nigerian banks couldn’t talk to each other. Transferring money between banks was a nightmare. Each bank was in its silo, and that …
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How business owners can leverage open banking in Nigeria
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 funny thing is, the very people it could help the most are the ones who …
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What every Nigerian needs to know about data privacy in open banking
Data privacy in open banking isn’t the headline-grabbing attention in Nigeria. It’s not the celebrity scandal everyone talks about, and it’s certainly not what you’ll see trending on Twitter on a random Tuesday. But maybe it should be. Because right now, while we’re all focused on the newest loan app or the hottest fintech, our …
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Why Open Banking Nigeria built an open-source gateway for the industry
Discover how OBN’s open-source API gateway is simplifying financial data sharing, driving innovation, and opening doors for banks and fintechs to deliver better services while fostering financial inclusion.
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Important regulations for open banking in Nigeria
Let’s walk you through the specific open banking regulations in place, their implications, and how they ensure a secure environment for all stakeholders.
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3 things that are sometimes mistaken for open banking but not
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 …
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How open banking will transform savings and investment in Nigeria
In a country where over 40% of the population lives below the poverty line, saving isn’t just a luxury; it’s a necessity. Whether it’s for emergencies, school fees, or starting a small business, saving gives people a safety net. But the reality is only about 32.5% of adults in Nigeria actively save, and even fewer …
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Critical stakeholders in the Nigerian open banking journey
Nigeria embarked on its Open Banking journey in 2017, spearheaded by a coalition of industry stakeholders advocating for greater innovation and inclusion. This mirrored the United Kingdom’s pioneering efforts under GDPR and the Second Payment Services Directive (PSD2), which sought to establish Open Banking. Additionally, the UK initially used Open Banking as a regulatory tool …
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Which banks and fintech companies would be open banking users in Nigeria?
Although everyone is allowed, there are strict requirements around regulatory compliance, data security, and technical readiness for open banking users.
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