This article examines the benefits and challenges of adopting ISO 20022 for open banking in Nigeria. It weighs the potential of this standard to transform financial services against the practical hurdles it presents.
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Pros and cons of Nigeria’s adoption of ISO 20022 for Open Banking Nigeria
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What’s OCEN and could it work with open banking in Nigeria?
Imagine a world where access to credit isn’t just a privilege for the fortunate few but a foundational layer of everyday life—like clean water or electricity. Now, hold that thought and ask yourself: why is it that in a country with over 200 million people, borrowing money still feels like climbing a mountain while blindfolded? …
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What every Nigerian needs to know about data privacy in open banking
Data privacy in open banking isn’t the headline-grabbing attention in Nigeria. It’s not the celebrity scandal everyone talks about, and it’s certainly not what you’ll see trending on Twitter on a random Tuesday. But maybe it should be. Because right now, while we’re all focused on the newest loan app or the hottest fintech, our …
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Why Open Banking Nigeria built an open-source gateway for the industry
Discover how OBN’s open-source API gateway is simplifying financial data sharing, driving innovation, and opening doors for banks and fintechs to deliver better services while fostering financial inclusion.
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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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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 Role of Fintechs in Nigeria’s Open Banking Ecosystem
With over 250 Fintechs in Nigeria, it is clear that Open Banking can serve the strategic objectives of many sub-verticals ranging from Lending to Personal Finance and from Agritech to Digital Insurance. Learn more here.
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