The Nigerian central bank recently said it had issued operational guidelines for open banking in Nigeria which are expected to enhance efficiency and access to financial services. According to the central bank, some of the guidelines’ objectives include ensuring “consistency and security across the open banking system.”
Customer Permissioned Data Sharing
The Central Bank of Nigeria said on March 7 that it had issued what it called the operational guidelines for open banking in Nigeria. According to the central bank, the guidelines are expected to foster the “sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services.” The guidelines are expected to enhance efficiency and access to financial services.
In a circular sent to financial institutions and payment service providers, the CBN said it had been aware of the “existence of an ecosystem for Application Programming Interface (API) in the financial and payments system.” It added that it also knew of plans to “develop acceptable standards among stakeholders.”
According to the CBN, some of the guidelines’ objectives include ensuring “consistency and security across the open banking system.” The…
