As the effort to establish open banking API standards in Nigeria intensifies, Open Vector, one of the world’s most competent Open API consulting companies, has released a detailed report on Open Banking Nigeria.
The report written by Open Vector for Open Banking Nigeria analyses the current situation in Nigeria with respect to open banking and what might be learned from other open banking initiatives notably in the UK and Europe.
The report highlights a key finding that Open Banking Nigeria’s ‘bottom up’ practical approach is yielding benefits and emphasises on the need to maintain its current momentum through clear policy support from the Central Bank of Nigeria (CBN), especially in areas of data sharing, as it is evident that this is the main area of benefit from open banking, even more than payments.
Leveraging on open banking experiences in the UK and Europe, Open Vector in the report, suggests ways in which Open Banking Nigeria can move forward with its intended plans aimed at financial inclusion, benefiting consumers and driving Nigeria’s economic growth, through improvements in the flexibility of Nigeria’s financial system.
In addition, Open Vector report will help provide insights, especially from UK and Europe as the front-runners in open banking, that might help Open Banking Nigeria’s development. This would also be updated for other open banking initiatives, such as Australia, as more details become available.
Open Vector – Open Banking consulting and implementation service provider formed an alliance with Open Banking Nigeria (OBN) in 2018 to jointly develop the OBN API standards.
The company is led by Carlos Figueredo, CEO, who, together with his team of directors, have 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.
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