On Wednesday, the Central Bank of Nigeria (CBN) released operational standards for open banking in Nigeria.
The guidelines establish guidelines for data sharing across banking and payment systems, according to the News Agency of Nigeria (NAN).
In order to provide regulatory oversight on participants, increase transparency, and regulate operators within the open banking ecosystem, the CBN is required by the guidelines to establish and maintain an Open Banking Registry.
The guidelines also include Consent Management, which requires customer consent before collecting data for, among other things, open banking products and services.
CBN’s Director, of the Payments System Management Department, Mr. Musa Jimoh, stated that the guidelines were in furtherance of the bank’s mandate to stabilize the financial system.
Jimoh added that the guidelines were also pursuant to the bank’s role in deepening the financial system.
“The adoption of open banking in Nigeria will foster the sharing of customer-permitted data between banks and third-party firms to enable the building of customer-focused products and services.
“It is also aimed at enhancing efficiency, competition, and access to financial services,” he stated.
Jimoh urged stakeholders to ensure strict compliance with the guidelines and with other regulations as they were meant to promote innovations and broaden the range of financial products and services available to bank customers.
“The guidelines apply to banking and other related financial services as categorized and determined by the apex bank in the regulatory framework for open banking in Nigeria,” he stressed.
