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ARTICLE · 14 JUNE 2022

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Five Things You Should Know About Open Banking In Nigeria

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The Central Bank of Nigeria has been working towards creating an open banking system in the country.

NigeriaFinance and Banking
Sidebrief Inc.
Sidebrief Inc.

The Central Bank of Nigeria has been working towards creating an open banking system in the country. For the past two years, the CBN has published various regulations on open banking, which are to regulate the activities in the industry. The introduction of open banking will help increase data sharing across banking and payment sectors.

Is open banking operational in Nigeria?

The central bank of Nigeria is currently working towards the implementation of an open banking system in Nigeria. Hence, the CBN released the operational guidelines for open banking in Nigeria in May 2022. This is a highly commendable feat as financial institutions, fintech start-ups, industry stakeholders, and others look forward to its full implementation.

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