Unlocking tomorrow: The 2024 Landscape for Open Banking

As 2024 progresses, the Open Technology Foundation (OBN) stands on the brink of a revolutionary year marked by innovation and filled with promise. The year 2024 is set to redefine the landscape of Open Banking.

However, before we peek into the future, it is important for us to reflect on the accomplishments of the past year that serve as the foundation for our plans this year.

Reflecting on 2023

In March 2023, Open Banking achieved a significant milestone when it officially received approval from the Central Bank of Nigeria (CBN) on the operational guidelines for open banking. This monumental decision prompted a series of inquiries within the industry, particularly regarding the timeline for banks’ adoption of the open banking standard. We are confident that this year holds answers to this crucial query.

Internally, we launched a series that showcased our valued partners and offered profound insights into their strategies for leveraging open banking across various products and projects. 

Key releases such as the Mono article and interview with Trium, offer an enlightening introduction into understanding our partners’ perspectives. Expect a continuation of this insightful series of partner spotlights throughout the year, shedding light on the depth of the collaboration that fuels the Open Banking movement. 

Building on the approval of operational guidelines, OBN promptly got to work to create an open-source gateway named ‘Aperta’. This innovation serves as the cornerstone for implementing the API standard and was designed to enable API providers to seamlessly transition their existing APIs into the open banking API standard. Aperta, with its focus on interoperability and efficiency, is poised to become a game-changer in the Open Banking ecosystem.

However, despite these laudable achievements, it is imperative to recognize that considerable work still lies ahead.This is a pivotal phase for the industry and it demands a collective effort to bring the vision of open banking to life and ensure its success. In 2024, we are not just stepping; we are charging into the year with an agenda as robust and dynamic as the possibilities that Open Banking unlocks.

For those who seek to familiarize themselves with the significance of open banking, our past videos provide a comprehensive primer on the subject. 

What Awaits in 2024?

As we set our sights on 2024, the calendar holds a series of milestones:

February 2024: Aperta, the OBN gateway

In the month of February, Aperta, our gateway project, is scheduled for final quality assurance testing and internal demos.The dedicated project delivery team is meticulously closing out all technical implementations to ensure Aperta’s readiness for industry consumption. With this, Aperta transitions from a mere concept, to reality; catalyzing the Open Banking revolution.

February 2024: A sitdown with industry stakeholders

Simultaneously, OBN will mark its presence with the relaunch of its annual industry event. This year, the kickoff will feature a technical webinar delving deep into the heart of open banking go-live in Nigeria. The event promises to be a confluence of insights, innovations, and industry collaboration.

March 2024: Unveiling Aperta

The grand unveiling of Aperta to the industry is set to take place in March. The open-source gateway will be officially launched, ready for use. We look forward to enabling the capability for stakeholders across the industry to spin up instances of Aperta on their infrastructure and seamlessly plug in their existing APIs, ushering in a new era of interoperability and streamlined processes.

March to May 2024: Anticipating NIBSS Initiatives

While not yet confirmed, the anticipation builds for NIBSS to commence work on the consent management framework and open banking registry. These initiatives are expected to drive the regulatory management of open banking in Nigeria and provide a solid framework for industry-wide adoption.

August 2024: Industry Adoption Takes Flight

By August, if all progresses as planned, we envisage the widespread adoption of open banking standards. The combination of Aperta’s go-live and the collaborative efforts of industry stakeholders, is set to give rise to a standardized system that propels open banking into the mainstream.

2024 and Beyond: OBN’s Pledge for a Transformative Future

While the aforementioned events provide a glimpse into the transformative journey of 2024, it is essential to note that numerous initiatives will continue to unfold throughout the year. OBN  remains committed to being the leading advocate and guiding force for the launch and adoption of open banking in Nigeria;  steering the industry towards a future defined by innovation, collaboration, and unprecedented possibilities.

Additionally, we will continue to release relevant content and connect the open banking community and industry stakeholders through pivotal events.
To stay updated about key developments in open banking in Nigeria, learn about membership opportunities, or make inquiries about participation, please reach out to the dedicated OBN team via email at [email protected].

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