The Central Bank of Nigeria (CBN) as part of its measures to enhance competition and innovation in the banking sector has issued a regulatory framework for open banking in Nigeria. The CBN has issued the operational guidelines for open banking in Nigeria (Guidelines).
The objectives of the Guidelines are:
a. to provide clear responsibilities and expectations for the various participant categories;
b. to ensure consistency and security across the open banking system;
c. to stipulate safeguards for financial system stability under an open banking regime;
d. to promote competition and enhances access to banking and other financial services; and
e. to outline minimum requirements for participants.
Open banking is a banking practice in which banks and non-bank financial institutions give third party financial service providers access to customer banking, transaction, and other financial data through application programming interfaces (APIs).
The Guidelines apply to banking and other related financial services as categorised and determined by the CBN in the Guidelines.
Please click here to access the Guidelines
You can contact us at contact@compleolegal.com or +234 802 360 4638 for any enquiries on the Guidelines and any other banking or finance related issue.
