In a nation where over 41 million Micro, Small, and Medium Enterprises (MSMEs) contribute nearly half of the GDP, it’s perplexing that less than 11% have access to formal credit. In 2016, the Central Bank of Nigeria established the National Collateral Registry to enhance credit access by allowing movable assets as collateral. In 2017, it …
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Does Nigeria need OCEN to boost credit?
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Pros and cons of Nigeria’s adoption of ISO 20022 for Open Banking Nigeria
This article examines the benefits and challenges of adopting ISO 20022 for open banking in Nigeria. It weighs the potential of this standard to transform financial services against the practical hurdles it presents.
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How “Pay with Bank” will work with open banking in Nigeria
Nigeria’s digital payment ecosystem is at a crossroads. While digital payment adoption is growing, with over 60% of the population engaging in online transactions, many Nigerians still face persistent barriers: transaction failures, delays in receiving one-time passwords (OTPs), and security concerns such as fraud. These challenges starkly contrast Nigeria’s reputation as a fintech powerhouse in …
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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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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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