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Central Bank of Nigeria Issues Guidelines for Open Banking

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Central Bank of Nigeria Issues Guidelines for Open Banking

According to reports, the Central Bank of Nigeria said that it had issued the operational guidelines for Nigeria’s open banking business. According to the Central Bank, the guide is expected to promote the sharing of customer licensed data between banks and third-party companies to build customer-centric products and services. The guide is expected to improve efficiency and accessibility of financial services.

The Central Bank of Nigeria announces the guidelines for opening banks

Analysis based on this information:


The Central Bank of Nigeria has issued the operational guidelines for open banking in the country. This move is expected to promote the sharing of customer licensed data between banks and other third-party companies in order to build customer-centric products and services. The guide is set to improve the efficiency and accessibility of financial services for Nigerian customers.

Open banking refers to the practice of banks sharing customer data with other financial institutions or third-party providers through the use of application programming interfaces (APIs). This can help to foster innovation and competition in the financial sector, leading to better products and services for customers.

The issuance of the operational guidelines is a step towards implementing open banking in Nigeria. The guidelines provide a framework for banks and other third-party providers to share customer data in a secure and regulated way. The guidelines also outline the responsibilities of banks and third-party providers in ensuring data privacy and security.

These guidelines are expected to benefit Nigerian customers by enabling them to access a wider range of financial products and services that are tailored to their specific needs. This could include products like personalized financial advice or loans that are customized based on a customer’s credit history.

The guidelines are also expected to improve efficiency in the financial sector by reducing the cost and time required to develop new products and services. This could lead to increased competition and innovation in the sector, benefitting customers in the long run.

Overall, the Central Bank of Nigeria’s issuance of operational guidelines for open banking is a positive development for the Nigerian financial sector. It is expected to promote innovation, competition, and customer-centricity in the sector while improving the efficiency and accessibility of financial services for Nigerian customers.

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