Nigeria's Open Banking Era Begins

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.

This move is poised to foster increased competition within the financial sector, leading to a wider array of innovative products and services. Small and medium businesses are expected to benefit from enhanced productivity through streamlined services like invoicing and payroll management, marking a new era for Nigeria's financial landscape.