Open Banking Nigeria

Are you curious about how open banking can benefit you or your business? Check out this short explainer video by Open Banking to discover its potential! #openbanking

The UK has reached a major milestone in #openbanking! The Competition and Markets Authority (CMA) confirms that all nine mandated banks have fully implemented the #OpenBankingRoadmap, offering the complete range of payment and account information services. This achievement cements the UK’s position as a global leader in financial innovation, paving the way for smarter payments, enhanced financial control, and greater flexibility for consumers.🌍💡 https://lnkd.in/eZSAKjvJ #FinancialInnovation Open Banking Open Banking Excellence (OBE) Open Banking Expo

🌍 Nigeria’s journey towards #openbanking is driving transformative change across the financial ecosystem. In a recent article, Gideon Asare from AGPAYTECH LTD. highlights the key milestones accelerating this shift and its promising opportunities. At Open Banking Nigeria, we are proud to be part of this movement, laying the foundation for secure, customer-centric services and fostering innovation across the sector. Stay tuned to our page for more updates on the latest developments in open banking! 🔗👇

Cash was king—until it wasn't. Then, cards took over. Today we're seeing a similar scenario with #openbanking payments. Just as credit cards revolutionized payments decades ago, open banking is poised to become a game-changer. In this article, Trustly explores the growing potential of open banking payments as a strong alternative to traditional #cardtransactions. Credit cards weren't always king of the wallet. Initially, customers doubted their practicality, especially for things like fast food payments. Now, “less than 10% of Americans primarily use cash to pay for purchases,” with cards leading the way. With each technological advance, payments become faster, more secure, and more convenient. Could open banking payments follow the same path as credit cards? Click the link to find out. https://lnkd.in/eu5yd4QJ

The JSC "Ukrainian Processing Center" has made a major stride with the launch of the nation's first #openbanking platform. The platform unifies banks and payment service providers into a cohesive technological environment, setting a new standard for financial services. It is a vital tool for open banking adoption, enabling seamless integration and testing. With the full rollout planned for 2025, this platform promises to streamline financial management for customers, providing a single interface for all their banking needs. UPC's collaboration with the National Bank of Ukraine underscores its commitment to driving this change, making it easier for financial institutions to adopt open banking without hefty upfront costs. https://lnkd.in/dv2JEwQk

As #openbanking evolves, 46 percent of financial institutions fear its financial crime risks outweigh the rewards. ComplyAdvantage stands at the forefront of this challenge, highlighting five essential strategies to help FIs balance innovation with robust financial crime management. #financialcrimes https://lnkd.in/dWyHAKF6

Open Banking adoption rates are increasing, with more than 58% of UK fintechs now offering this as a payment method. Since its introduction in 2018, adoption has been on the rise, particularly among lenders and fintech innovators. However, consumer adoption is mixed, with only 34% currently using #openbanking payments, while others are either reluctant or unsure. With these mixed stats, there remains a need for financial services to offer diverse, frictionless payment options and to educate consumers on the benefits of open banking to address evolving expectations and enhance customer experience. Dive deeper into the numbers and trends below. https://lnkd.in/d27eczqa

Wondering which financial institutions would be qualified #openbanking participants in Nigeria? Our latest blog post breaks down the framework established by the Central Bank of Nigeria (CBN) to regulate open banking users. As Nigeria embraces this global trend, the CBN has laid out stringent requirements for participation, ensuring that only institutions with robust data security, regulatory compliance, and technical readiness can access sensitive customer data. Dive into the full details on our blog! 👇 https://lnkd.in/dPAj-NUd

Nigeria is taking a unique approach to #openbanking consent management by using the existing BVN system as the foundation. The BVN, implemented in 2014, has already proven effective in reducing fraud and simplifying verification processes, and its integration into the Open Banking Consent Management System (OBCMS) seems like a natural progression. This approach offers several advantages, including streamlined customer onboarding and a consistent consent management experience. However, it also presents challenges like a potential single point of failure and privacy concerns. Looking ahead, the success of this initiative will hinge on how well the OBCMS balances the benefits of the BVN-based approach with measures to address the potential drawbacks. Is this a good move? Share your thoughts below👇 Head over to our blog for the full read! #CBN #openbanking #consentmanagement

Nigeria's open banking journey, inspired by global precedents like the UK's regulations, has been a collaborative effort among various key players, each contributing significantly. Along the way, many have asked, “Who are the stakeholders of Open Banking Nigeria?” To answer this, we’ve authored an insightful article featuring our Trustees, Adedeji Olowe and Ope Adeoye. In it, we delve into Nigeria’s open banking journey, spotlighting various key players like the Central Bank of Nigeria, fintech innovators, traditional banks, and our dedicated foundation members who have joined us in advocating for the open banking standard in Nigeria. As our work starts to bear fruit, continued collaboration will be crucial in shaping the future of open banking in Nigeria. Read the full article here 👇