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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Nigeria will use BVN for open banking consent management, is it a good move?
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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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5 Innovative Ideas that Open banking will support
by Victor Aboh Have you ever thought to yourself, “if only I could get this piece of data from a certain financial institution, I would make an application that solves a pressing customer issue”? Then, Open banking is here for you! Open Banking provides the framework for consumers to permit financial institutions to share their …
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Redefining Customer-Centricity
By Khadijah Abu and Yvonne-Faith Elaigwu Introduction Traditionally, most financial products and services were designed without consulting customers or truly understanding their peculiar needs. Product designs and features were rather focused on what technology can do – highlighting new features and innovation which may not address the core of customer needs. Hence, the idea of …
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The Paypers releases the Open Banking Report 2019
The Paypers has launched Open Banking Report 2019, which strives to offer the freshest and most robust insights into the global Open Banking landscape. The 2019 report clarifies the role of key key-players in a post-September 14th world and assesses how the landscape has shifted within Europe and beyond, highlighting trends that should shape the …
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How will the role of incumbents evolve? – An Open Banking Nigeria Perspective
Introduction Open banking is the outcome of direct and indirect push from change drivers such as technology, competition, customer expectations & preferences, and regulation in the financial services ecosystem. Redefining banking and other financial services, the open model provides a sneak preview into how financial services will be delivered and consumed as part of the …
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Interswitch, Paga adopt Open Banking, to champion advocacy in Nigeria
Interswitch, Africa’s largest integrated digital payments and financial technology firm, and pioneer mobile payments firm, Paga have joined other forward-thinking stakeholders in Nigeria’s financial services industry to adopt Open Banking and champion its advocacy in Nigeria with the aim of driving innovation and choice for customers, businesses, financial technology firms, banks and other players in …
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EY, Open Banking Nigeria Partner for Financial Services Innovation
Ernst & Young (EY), a global professional services firm, has finalised arrangements with Open Banking Nigeria to develop and advocate for a standard Application Programming Interface (API) for the country’s financial services industry. The partnership will, in addition, transform the management of financial data and extend services to individuals and businesses across Nigeria. EY, in …
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Nigeria to Pioneer Open Banking in Africa, Joins the UK, Others
Nigeria has signified a strong desire to become the first country in Africa and the second in EMEA—after Bahrain—to officially adopt an Open Banking standard, which defines how financial data is created, shared and accessed – a system which also provides users with a network of financial institutions’ data through the use of a standard …
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