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ARTICLE · 24 OCTOBER 2025

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Data Privacy Considerations On Open Banking In Nigeria

Advocaat Law Practice
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In February 2021, the CBN issued a Regulatory Framework for Open Banking in Nigeria (the Framework), and its Operational Guidelines were issued in 2023.

NigeriaPrivacy
Rotimi Akapo
Rotimi Akapo
Adeyemi Owoade
Adeyemi Owoade
Miracle Ikani
Miracle Ikani

INTRODUCTION

In February 2021, the CBN issued a Regulatory Framework for Open Banking in Nigeria (the Framework), and its Operational Guidelines were issued in 2023.1. However, its implementation experienced notable delays due to limited public awareness, inadequate technological infrastructure, and prevailing security concerns.2To address these and other concerns, the implementation of the Framework was shifted to August 2025. With the launch in August, Open Banking is expected to redefine financial services in Nigeria by enabling secure, transparent data sharing between financial institutions and licensed third-party providers, paving the way for greater innovation, competition, and financial inclusion3.

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