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Vanguard News
60m unbanked: Expert advocate open banking
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ew indications have emerged that open banking would create a new stream of revenue for banks and also drive the 60 million unbanked population into the formal banking system.
These were the submissions of the financial experts under the Committee of e-Banking Industry Heads (CeBIH) during a webinar tagged: ‘‘Advancing Open Banking in Nigeria’’.
Speaking at the webinar, Trustee, Open Technology Foundation in Nigeria, Mr. Adedeji Olowe, said that ‘‘open banking would foster financial inclusion, adding that it would provide the much needed foundations-regulatory framework, database, strategic partnerships among others, “for third parties like fintech to build affordable solutions, easily integrating with other ecosystem players such as the Telcos and banks.”