• Friday, May 24, 2024
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BusinessDay

Open Banking Nigeria swells membership as Sparkle joins

Sparkle secures $3.1m seed round from all-Nigerian investors

Sparkle, a digital bank for the retail sector, has become the latest stakeholder in Nigeria’s financial services industry to join other fintech, banks and accounting firms in the cause for the attainment of unified Open Banking standards to transform Nigeria and lead Africa into a future of enriched, customer-centric and personalised services.

Open Banking Nigeria is the foremost advocate of opening banking in the country. Open banking refers to the practice of sharing financial information electronically, securely, and only under conditions that customers approve of. Application programming interfaces (APIs) allow third-parties to access financial information efficiently, which promotes the development of new apps and services.

Founded in 2019 by Uzoma Dozie, the former Group Managing Director of Diamond Bank, Sparkle is a mobile-first, retail-focused platform that connects retailers and consumers in Nigeria using artificial intelligence to influence purchasing decisions based on user-generated behavioural data.

“At Sparkle, we recognise the potential of Open Banking to transform banking as we know it today in dimensions that will create greater opportunities and result in a cross-industry boom as well as growth across the value chain, as we all work together to strive for enhancing financial inclusion in Nigeria,” Dozie said in a statement sent to BusinessDay.

Open Banking Nigeria drives innovation and choice for customers, businesses, fintech companies, and banks with the next generation API standards in partnership with a growing body of providers and partners helping to transform banking in Nigeria.

“We are more than excited to welcome Sparkle to the fold of pacesetting organisations championing a course for the entire industry and, more importantly, for our customers. There is the certainty their participation would further help individuals and businesses to achieve their objectives,” said Ope Adeoye, a trustee of Open Banking Nigeria.