The Central Bank of Nigeria, CBN, has Published an operational guideline for open banking in Nigeria.
The guidelines were conveyed in a circular signed by Musa Jimoh, Director of Payments System Management Department at the apex bank.
The apex bank also stated that while it would provide and maintain an Open Banking Registry (OBR) for the industry, it will be a public repository for details of registered participants.
The OBR would be maintained for the purpose of providing regulatory oversight on participants, enhancing transparency in the operations of open banking and ensuring that only registered institutions operate in the ecosystem.
It read;
“The adoption of Open Banking in Nigeria will foster customer permissioned data between banks and third-party firms to enable the building of customer-focused products and services.
“It also aims to enhance efficiency, competition and access to financial services in Nigeria.
“All stakeholders are required to ensure strict compliance with the guidelines and all other regulations, as the CBN continues to monitor developments and issue guidance as may be appropriate.