As part of a global alliance, Open Banking Nigeria has entered a strategic alliance with Open Vector to jointly develop the Open Banking Nigeria Application Programming Interface (API) standards.
Open Vector is a strategic change advisory firm specialising in providing Open Banking consulting and implementation services to senior and C-level banking executives worldwide.
Speaking on the partnership, Adedeji Olowe, a trustee of Open Banking Nigeria, said the collaboration between Open Vector and Open Banking Nigeria would result in a world class implementation of Open Banking in the financial industry in Nigeria.
“The payments revolution in Nigeria continues at a very exciting pace, but we believe that a common Open Banking API standard will provide a significant boost to payments and financial inclusion. We are excited to collaborate with Open Vector to be able to deliver a world-class implementation of Open Banking to the Nigerian financial industry, ” Olowe commented.
Carlos Figueredo, CEO of Open Vector UK, also spoke on the partnership.
“We are excited to be embarking on this strategic alliance with Open Banking Nigeria, which is spearheading the opportunities afforded by open banking both nationally and regionally.”
“We firmly believe that this can generate significant socio-economic benefits to Nigeria as well as the broader African region including the opportunity for greater financial inclusion, ” he said.
Open Vector is led by Carlos Figueredo, CEO who, together with his team of directors, has conducted senior advisory roles to the Competition & Market Authority (CMA), the United Kingdom regulatory authority behind the Open Banking UK regulation and implementation.
Open Banking Nigeria, formed by a group of fintech and banking industry veterans, is a not-for-profit organisation that drives the Open Banking initiatives in Nigeria to extend non-partisan and non-financial API standards for financial services in the country.
Open Vector joins an array of technology companies that are partnering with Open Banking Nigeria to drive the adoption of Open Banking in Nigeria.
Ifeoma Okeke
