The Will Nigeria
In its efforts to enhance financial services through data sharing across the banking payment systems, the Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria.
In a circular titled, ‘Operational guidelines for open banking in Nigeria’, published on its website, the CBN stated that the move would promote innovations and broaden the range of financial products and services available to bank customers
Open banking is a banking practice in which third-party financial service providers are given open access to customer banking, transaction and other financial data from banks and non-bank financial institutions via application programming interfaces (APIs).
According to the CBN, the Regulatory Framework for Open Banking in Nigeria established principles for data sharing across the banking and payments system, to promote innovations and broaden the range of financial products and services available to bank customers.
The CBN stated that the guideline to data in the financial sector would enable customers to access innovative financial products and services.“Open banking recognises the ownership and control of data by customers of financial and non-financial services…
