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 …
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Open Banking: Driving growth for banks in Nigeria
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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 …
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How Open banking can transform payments in Nigeria
A couple of years ago, every Nigerian household made the monthly trip to the bank or electricity provider company, cash in hand, with their bill slip and means of identification to pay their electric bills. It was a similar story for all other bills and payments people had to make. Payments improved after the CBN …
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Why Open Banking and what’s in it for banks in Nigeria?
With the many changes in the banking sector and the country as a whole, Open Banking seeks to bridge the gap between banks and fintechs with standardized API access; where all banks share the same data and API taxonomy. It is essential to note that there is currently a power imbalance between banks and fintechs. …
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Open Banking Nigeria Annual Report- The Year 2020
Open banking represents a shift – a movement from closed models to open systems that promote optimal value for both end-users and businesses alike. The ecosystem is fueled by seamless exchange of data based on customer consent, nevertheless in a controlled form enabled by Application Programming Interfaces (APIs). By breaking the monopoly of access to …
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Open banking: Implications for the non-banking finance industry
Two decades ago, if you wanted to deposit money, pay bills or access a range of financial services, the bank would have been the only place to turn to. But that has since changed with fintechs unbundling banking and offering many of these services as stand-alone offerings. Fintechs like PiggyVest, offer their customers the ability …
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OPEN BANKING AS A KEY DRIVER FOR FINANCIAL INCLUSION
Opening the door to financial inclusion in Nigeria. On Wednesday, 24th of February, 2021, Open Banking Nigeria held a conference to discuss the theme “Open Banking as a key driver for financial inclusion in Nigeria.” Speakers at the event were: Ade Bajomo – ED Information Technology and Operations, Access Bank Ronke Kuye – CEO Shared …
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Open Banking and competition in Nigeria’s banking ecosystem
by Adedeji Olowe and Oge Okonkwo Introduction The concept of Open Banking is emerging globally as the potential future of the banking industry. Open banking refers to how financial institutions and third-party providers (FinTechs, InsurTechs, Lifestyle service providers, Retail companies, Telcos, Energy companies etc.) leverage open Application Programming Interfaces (APIs) to share data in a …
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Open APIs: An inclusive model for advancing financial inclusion in Nigeria (An Open Banking Nigeria perspective)
Introduction Financial inclusion has become more than a catchphrase within the financial services space in recent times, primarily due to discussions on the subject from several stakeholders, including development organisations, governments, banks, etc. Investopedia defines financial inclusion as “efforts to make financial products and services accessible and affordable to all individuals and businesses, regardless of …
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eTranzact, Accounteer to Advocate Open Banking for Improved Services
To drive the adoption of an industry-wide, non-partisan standard for stakeholders in Nigeria’s financial services ecosystem towards the provision of improved, customer-focused and tailored services, eTranzact International Plc, Nigeria’s premier payment processor and Accounteer, the frontline cloud accounting solutions provider have individually announced their partnerships with Open Banking Nigeria, the foremost advocate of Open Banking …
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