Nigerian Central Bank Unveils Open Banking Guidelines

The Nigerian cardinal slope precocious said it had issued operational guidelines for unfastened banking successful Nigeria which are expected to heighten ratio and entree to fiscal services. According to the cardinal bank, immoderate of the guidelines’ objectives see ensuring “consistency and information crossed the unfastened banking system.”

Customer Permissioned Data Sharing

The Central Bank of Nigeria said connected March 7 that it had issued what it called the operational guidelines for unfastened banking successful Nigeria. According to the cardinal bank, the guidelines are expected to foster the “sharing of customer-permissioned information betwixt banks and third-party firms to alteration the gathering of customer-focused products and services.” The guidelines are expected to heighten ratio and entree to fiscal services.

In a circular sent to fiscal institutions and outgo work providers, the CBN said it had been alert of the “existence of an ecosystem for Application Programming Interface (API) successful the fiscal and payments system.” It added that it besides knew of plans to “develop acceptable standards among stakeholders.”

According to the CBN, immoderate of the guidelines’ objectives see ensuring “consistency and information crossed the unfastened banking system.” The cardinal slope said it besides hopes the guidelines, which were developed successful collaboration with manufacture stakeholders, volition beforehand contention arsenic good arsenic heighten entree to fiscal institutions.

Open Banking Registry

To footwear things off, the CBN said it volition supply and support an unfastened banking registry (OBR) which acts arsenic the industry’s storehouse.

“The OBR shall beryllium a nationalist repository for details of registered participants. Each subordinate shall beryllium identified by its CAC [Corporate Affairs Commission] concern registration number, which shall beryllium the unsocial cardinal crossed the OBR system. The OBR shall support an API interface, defined wrong these guidelines, which shall service arsenic the superior means by which API providers negociate the registration of their API consumers,” the CBN revealed.

Meanwhile, successful its circular, the CBN said each stakeholders are required to “ensure strict compliance” with the guidelines arsenic good arsenic different regulations. For its part, the cardinal slope said it volition proceed to show developments and whitethorn “issue guidance arsenic whitethorn beryllium appropriate.”

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