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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3 things that are sometimes mistaken for open banking but not
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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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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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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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Hello Nigeria! – Rolling out Open Banking Capabilities
Hello Nigeria! – Rolling out Open Banking Capabilities (A KPMG Article)
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How Charities and NGOs can benefit from Open Banking
How Charities and NGOs can benefit from Open Banking
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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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