Nigeria: CBN Issues Regulatory Framework for Open Banking

Nigeria's central bank to promote financial system stability, has issued a regulatory framework for Open Banking in the country.

Inclusion Times
Inclusion Times

The Central Bank of Nigeria (CBN), following its mandate to promote financial system stability, has issued for Open Banking in Nigeria a regulatory framework.

The framework establishes principles for data sharing across the banking and payments ecosystem, which will encourage innovation, broaden the range of financial products and services, and deepen financial inclusion. The regulatory framework stipulates, data and Application Programming Interface (API) access requirements, principles for API, data, technical design, and information security specifications, amongst others.

Operational guidelines related to the framework will be communicated in due course. The CBN will keep on monitoring industry developments and issue further guidance as appropriate.

More information on the framework can be gotten here.

Nigeria in focus:

Population: 200.9 million (2019)

GDP: $448.12 billion (2019)

GDP Per Capita: $2,229 (2019)

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