Managing Partner, Blue Advisory, Opeyemi Ndukwe has described opportunities that abound with open banking platform as prospects that its end cannot be quantified now.
Ndukwe who was at the launch of the platform in Lagos said that open banking is a wide space where so much can happen.
“We do not yet have an end-to-end view of the opportunities that exist within that space but it is not something to be afraid of, naturally we fear what we don’t understand. I have begun to see the opportunities that exist”
In her words, “I am already seeing beyond being able to view all my bank accounts in Nigeria. Right now, if I want to view my account, I need to do it one by one, it will make my life infinitely easier if I could look at it all in just one place and if I could even transact from one space but that is just one way”
Ndukwe explained that open banking allows different institutions to connect, talk to each other and provide information through a single preferably standard, and what it means for consumers is that the transactional information they generate as a result of their inflows, outflows, payment, and transfers is theirs.
“Even if they have twenty accounts with different financial institutions, they can access them; it could be they want to do an application or third party application that allows them to just log in their transactional data and view them online in real time”
She emphasized that consumers that want to do something with another company or want to get credit can give out their information easily and seamlessly to access their creditworthiness to be provided a loan, so what could have taken so much time to do becomes easier and simple to do”.
Ndukwe said the organization, Blue Advisory as a management consulting firm that provides startup advisory, strategy, operations, and people services to organizations. She described most of the clients they consult for as financial technology companies.
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