Following the CBN’s issuance of the regulatory framework for open banking in Nigeria, First Bank of Nigeria played host to experts and stakeholders to discuss opportunities for the financial services industry in terms of adopting Open Banking.
At the Fintech Summit hosted by the bank, experts noted that Open Banking being a mechanism whereby banks share their customer data through Application Programming Interfaces (APIs) with third party companies though is still in its early stage globally, has a significant impact on not just the financial services sector, but also on those in other sectors in the economy if well tapped.
Ndubuisi Ekekwe, Lead Faculty at Tekedia Institute and chairman of FASMICRO who was the keynote speaker said Open Banking benefits industries such as manufacturing, education, real estate, logistics, and others through API. By adopting Open Banking these industries are going to thrive inefficiency, and create better customer experiences.
Open Banking, the practice that provides third-party financial service providers open access to consumer banking and transactions looks at the global macroeconomic impact in terms of catalysisng development across the economic system, says Olayinka David-West.
The experts also addressed cyber security, infrastructure, and talents. Akinwumi Olubukola said the CBN’s open banking registry on the framework, will ensure that customers have full information of those with who they are likely to deal.
Ope Adeoye, Chief plumber of OnePipe Services also said they are doing some differentiation around employee value proposition, and recognition that IT, consultants, or those who work in that space do things differently with different ecosystems. He added that they are partnering with specific universities, organisations, and are doing some development programmes as well.
First Bank assures to continually support innovators and star-ups as a foothold and reference point for the Financial Technologies and Financial services industry by providing them with relevant data, and infrastructure. This will lead the team towards realising the future of banking.