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3 things to know about Nigeria's open banking legislation

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3 things to know about Nigeria's open banking legislation

Nigeria became the first African nation to approve open banking
operational regulations

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Phil Siarri
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3 things to know about Nigeria's open banking legislation

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Image of lion
Image by Randy Rodriguez from Pixabay

This week, the Central Bank of Nigeria (CBN) approved operational
guidelines on open banking. Therefore, Nigeria became the first
country in Africa to adopt legislation around this financial concept.

Here are three key points:

  * The CBN has earlier announced the introduction of a regulatory
    framework for open banking in early 2021.

  * Wallet Africa, OnePipe, Paystack, KPMG, PwC, and EY were early
    supporters of open banking in the country. With the addition of
    companies like Mono, Switch, Lendsqr, Palmpay, Carbon, and Trium,
    such alliance has grown.

  * Millions of Nigerian residents, especially a large number of
    unbanked individuals, could potentially benefit from increased
    access to regional financial services and greater financial
    inclusion as a result of the PSD2-style legislation.

Perhaps, other countries on the continent could soon be next: South
Africa and Kenya come to mind.

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