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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What every Nigerian needs to know about data privacy in open banking
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Mono can redefine its open banking with open banking!
Open banking serves as a remedy to this predicament and saves financial service providers like Mono from the headache of even considering embarking on this herculean task. The implementation of open banking standards mandates banks to provide statement and other financial data in a uniform fashion; either directly or through a middleware if their infrastructure cannot conform to this standard (yet). This eliminates the complexity that hinders seamless integration.
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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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Open Banking in Action via APIs (What next: Part 3 of 3)
Open banking has revolutionized the financial services industry by promoting transparency, competition, and innovation. At the heart of this transformation lies the efficient flow of data and services through Application Programming Interfaces (APIs).
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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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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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5 Innovative Ideas that Open banking will support
by Victor Aboh Have you ever thought to yourself, “if only I could get this piece of data from a certain financial institution, I would make an application that solves a pressing customer issue”? Then, Open banking is here for you! Open Banking provides the framework for consumers to permit financial institutions to share their …
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Open Banking Explained in 60 seconds
If you were asked to explain the concept of Open Banking, how would you describe it in less than a minute? Watch Open Banking Nigeria Trustee, Adedeji Olowe, in 60 seconds simplify the term and why it has been important to drive and establish Open Banking standards in the last 5 years. Watch the video …
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Advocating for Open Banking in Nigeria
Open Banking Nigeria Trustee, Adedeji Olowe and Head of content at Open Banking Expo, Ellie Duncan, recently sat down for a chat on the ‘Open Banking Expo Unplugged’ podcast. In the 25-minute podcast, Olowe tells how far Nigeria is from implementing Open Banking and the current challenges being faced. He also reveals why the establishment …
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What Are The Next Steps For Open Banking In Nigeria?
The Central Bank of Nigeria (CBN) recently released the exposure draft of the operational guidelines of Open Banking in Nigeria which clearly stipulates the roles, responsibilities and expectations for each participant in the open banking system. The draft focuses on ensuring that open banking in Nigeria starts on a foundation of solid operational efficiency. The …
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