Open Banking has been hailed as the future of financial services globally. The idea is simple: consumers should own their financial data and have the right to share it with whomever they choose, securely and seamlessly. Yet, as open banking evolves, the nuances of implementation often separate the pioneers from the followers. The United States, …
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4 things that the US open banking regulation should have copied from open banking Nigeria
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The role of NIBSS in open banking
One could say NIBSS was built for this pivotal moment in Nigeria’s financial history. Back in 1993, the Central Bank of Nigeria and the Bankers’ Committee brought in NIBSS to solve a massive problem—Nigerian banks couldn’t talk to each other. Transferring money between banks was a nightmare. Each bank was in its silo, and that …
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The roles of CBN with Open Banking in Nigeria
Open banking in Nigeria is a collaborative effort, and the combined efforts of the CBN, NIBSS, banks, and fintech companies will give people more control over their money.
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3 ways credit needs Open Banking in Nigeria
Credit is not just a financial tool; it’s the lifeblood of a thriving economy. No nation can truly prosper or expand without the support of a robust credit system. Financial services often find their footing and thrive when credit is available, making it indispensable for economic survival and growth.
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Technologies and use cases for Open Banking in Nigeria
We hosted an industry event with major stakeholders who delved deeper into the technologies and use cases for open banking in Nigeria.
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How Open Banking in Nigeria will work in 2024
We are steering the industry toward a future defined by innovation, collaboration, and unprecedented possibilities.
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How Open Banking will help businesses with money management
A major challenge experienced by both SMEs, MSMEs and large businesses is determining how best to manage their money gotten from sales or other operations. The reality is that many businesses leave money on the table by letting funds sit in their current accounts. Of course, the banks are more than happy for companies to …
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4 innovations driven by regulations surrounding Open Banking
Nigeria is undoubtedly in the lead with its open banking initiatives among African countries and other developing countries. Kudos to CBN!
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