Source: Digital Times

The Central Bank of Nigeria (CBN) has issued operational guidelines for open banking in the country, making it the first in the African region to do so.

The guidelines, which were released this week, encapsulate how banks and other financial institutions in Nigeria can access and share consumer data and outlines minimum requirements, responsibilities, and expectations from participants.

The central bank says the guidelines are anticipated to drive competition and improve access to financial and payment services in the country.

“The adoption of open banking in Nigeria will foster the sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services,” says Musa Jimoh, director of the payments system management department at the Central Bank of Nigeria.

“All stakeholders are required to ensure strict compliance with the guidelines and all other regulations, as the CBN continues to monitor developments and issue guidance as may be appropriate.”

The central bank had first begun work on the adoption of open banking in June 2017, with a regulatory framework being issued in February 2021.

Source: Digital Times