CBN issues framework for open banking

The Central Bank of Nigeria (CBN) on Tuesday released the regulatory framework for Open Banking, which sets out principles for data sharing across the banking and payments system to promote innovations and broaden the range of financial products and services available to bank customers.

Consequently, open banking recognises the ownership and control of data by customers of financial and non-financial services, and their right to grant authorisations to service providers for the purpose of accessing innovative financial products and services.

This according to the CBN is anticipated to drive competition and improve accessibility to banking and payments services.

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Participants in open banking are expected to adhere strictly to security standards when accessing and storing data, and shall be subject to minimum privacy standards, operational standards, risk management standards and customer experience standards as prescribed by the Central Bank.

Any organisation that has data of customers which may be exchanged with other entities for the purpose of providing innovative financial services within Nigeria is eligible to participate in the Open Banking ecosystem.

The Open Banking operational guidelines provides clear responsibilities and expectations for the various participant categories, ensures consistency and security across the open banking system, stipulates safeguards for financial system stability under an open banking regime, promotes competition and enhances access to banking and other financial services, and outlines minimum requirements for participants.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.