Central Bank Of Nigeria Issues Operational Guidelines For Open Banking In Nigeria

On March 7, 2023, the Central Bank of Nigeria (CBN) issued the Operational Guidelines for Open OBanking (“The Guidelines”) to all Deposit Money Banks, Mobile Money Operators and Payment Service Providers. The Open Banking System is an initiative of the apex Bank put in place to enable banks share customer data with third-party providers like fintech firms, startups, and other financial institutions through the use of Application Programming Interfaces (APIs). It aims to open new possibilities for financial sector innovation and growth while allowing customers access to a greater range of financial services and solutions. The Guidelines seek to guarantee consumer protection, encourage innovation, and deepen competition in the financial services sector

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