{"id":3046,"date":"2025-10-16T15:56:01","date_gmt":"2025-10-16T14:56:01","guid":{"rendered":"https:\/\/techstream.africa\/?p=3046"},"modified":"2025-10-16T15:56:01","modified_gmt":"2025-10-16T14:56:01","slug":"cbn-reassures-stakeholders-of-imminent-open-banking-rollout-in-nigeria","status":"publish","type":"post","link":"https:\/\/techstream.africa\/?p=3046","title":{"rendered":"CBN reassures stakeholders of imminent open banking rollout in Nigeria."},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/techstream.africa\/wp-content\/uploads\/2025\/10\/open-banking-1024x768.jpg\" alt=\"\" class=\"wp-image-3047\" srcset=\"https:\/\/techstream.africa\/wp-content\/uploads\/2025\/10\/open-banking-1024x768.jpg 1024w, https:\/\/techstream.africa\/wp-content\/uploads\/2025\/10\/open-banking-300x225.jpg 300w, https:\/\/techstream.africa\/wp-content\/uploads\/2025\/10\/open-banking-768x576.jpg 768w, https:\/\/techstream.africa\/wp-content\/uploads\/2025\/10\/open-banking.jpg 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Nigeria\u2019s push toward open banking\u2014a framework designed to enable secure data sharing between banks and third-party financial service providers\u2014is still in development, with the Central Bank of Nigeria (CBN) reaffirming its commitment to implementing the initiative \u201csoon.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Open banking is considered a critical component in deepening financial inclusion and fostering innovation in the fintech space. By allowing licensed third parties access to customers\u2019 banking data (with consent), open banking paves the way for tailored financial products, improved credit profiling, and seamless interoperability across financial institutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In March 2023, the CBN took a major step by issuing the<strong><a href=\"https:\/\/techcabal.com\/2025\/10\/16\/nigerias-open-banking-still-in-the-works\/\"> <em>Operational Guidelines for Open Banking in Nigeria<\/em><\/a><\/strong>, creating a legal foundation for collaboration between banks and fintechs. The framework was welcomed by industry stakeholders, who viewed it as a potential game-changer for Nigeria\u2019s financial ecosystem. However, over a year later, full implementation remains pending.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At a recent fintech forum in Lagos, a senior CBN official acknowledged the delay but emphasized that the project is still very much on the regulator\u2019s agenda. \u201cWe understand the expectations of the ecosystem. Open banking will happen soon. We\u2019re working to ensure it is implemented in a way that is secure, inclusive, and beneficial to all stakeholders,\u201d the official said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Several challenges may be contributing to the slow rollout, including the need for robust cybersecurity frameworks, the harmonization of APIs (Application Programming Interfaces) across banks, and proper customer consent mechanisms. Industry experts also point to the need for a central registry and a neutral API gateway to streamline data exchange.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the delay, fintech startups remain optimistic. Many are building products in anticipation of open banking\u2019s eventual arrival, hoping it will unlock new business models and data-driven services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As digital financial services continue to evolve rapidly in Nigeria, stakeholders are hopeful that open banking\u2014once fully operational\u2014will mark a new era of transparency, competition, and customer-centric innovation in the financial sector. For now, the industry watches and waits as the CBN promises that implementation is not a question of <em>if<\/em>, but <em>when<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria\u2019s push toward open banking\u2014a framework designed to enable secure data sharing between banks and third-party financial service providers\u2014is still in development, with the Central Bank of Nigeria (CBN) reaffirming its commitment to implementing the initiative \u201csoon.\u201d Open banking is considered a critical component in deepening financial inclusion and fostering innovation in the fintech space&#8230;.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3046","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/techstream.africa\/index.php?rest_route=\/wp\/v2\/posts\/3046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techstream.africa\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techstream.africa\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techstream.africa\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/techstream.africa\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3046"}],"version-history":[{"count":1,"href":"https:\/\/techstream.africa\/index.php?rest_route=\/wp\/v2\/posts\/3046\/revisions"}],"predecessor-version":[{"id":3048,"href":"https:\/\/techstream.africa\/index.php?rest_route=\/wp\/v2\/posts\/3046\/revisions\/3048"}],"wp:attachment":[{"href":"https:\/\/techstream.africa\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techstream.africa\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techstream.africa\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}