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