Most business owners in Nigeria are sitting on opportunities they don’t even know exist. While everyone is busy talking about “scaling up” or finding the next big import deal, there’s a quiet revolution happening right under our noses—open banking. The funny thing is, the very people it could help the most are the ones who …
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How business owners can leverage open banking in Nigeria
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3 things that are sometimes mistaken for open banking but not
Open Banking has been touted as one of the most revolutionary shifts in financial services, with Nigeria at the forefront of adopting this transformative model in Africa. In 2021, the Central Bank of Nigeria (CBN) formalized the Open Banking regulatory framework, sparking a new wave of excitement and innovation. Yet, for something that’s supposed to …
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Nigeria will use BVN for open banking consent management, is it a good move?
In Nigeria, the Open Banking Consent Management System (OBCMS) is the technological platform from which this consent is given. Uniquely, the OBCMS uses the Bank Verification Number (BVN) to verify end-user identities when they grant consent.
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Unlocking Opportunities: Open Banking and Artificial Intelligence (AI) in Nigeria
Open Banking and Artificial Intelligence are more connected than might be guessed at the surface. Startups, Prosaic and Abound, have raised over $500 million on the premise that they can improve customer outcomes by combining these technologies. But how can these powerful technologies be harnessed to improve the lives of the average Nigerian? This article …
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Frequently Asked Questions about Open Banking
The OBN team answers some of the most popularly asked questions about Open Banking in Nigeria
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Hello Nigeria! – Rolling out Open Banking Capabilities
Hello Nigeria! – Rolling out Open Banking Capabilities (A KPMG Article)
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How Charities and NGOs can benefit from Open Banking
How Charities and NGOs can benefit from Open Banking
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The future of Lendsqr depends on open banking
Lendsqr, an LaaS firm needs open banking made available in Nigeria to help its lenders scale and digitize their business, effectively.
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The potential impact of open banking on the growth of fintechs in Africa
However, despite the inherent benefits of operating an open banking system, there are concerns about the security and privacy of customers’ financial information within the system. This is one of the main challenges with the adoption of open banking in Nigeria. Consequently, it is important that regulations are in place to protect the data of …
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Authentication and authorization over “dumb” channels for open banking
In Nigeria, incorporating FAPI with feature phones and channels not driven by internet has been a big concern, but OBN now has the answer. Read all about it on our latest blog post
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