What is open banking in Nigeria?

Open banking in Nigeria allows secure sharing of financial data between banks and authorized third-party providers via APIs, with customer consent.

Who is implementing open banking in Nigeria?

The Central Bank of Nigeria is guiding the implementation of open banking across the country.

What are the benefits of open banking for Nigerians?

Open banking offers easier transactions, potential for more competition, and innovative financial products for Nigerian customers.

Home / Business and Economy / Nigeria's Open Banking Era Begins

Nigeria's Open Banking Era Begins

24 Dec, 2025

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Summary

Nigeria is implementing open banking to streamline financial transactions.
Central Bank of Nigeria aims for secure data exchange and fraud prevention.
Open banking promises increased competition and innovative financial products.

Nigeria is embracing open banking, a significant shift allowing secure electronic sharing of financial data between banks and third-party providers using APIs. This system empowers customers like Bolu Oweimo, simplifying transactions and enabling easier money management.

The Central Bank of Nigeria is carefully guiding this implementation, with Governor Olayemi Cardoso emphasizing robust controls for fraud prevention and data protection. While an official launch was anticipated for August, slight delays are expected to refine these crucial security measures.