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TechCabal Daily – Open banking is coming to Nigeria


In Nigeria, banking is about to get open
Last week, the Central Bank of Nigeria (CBN) released draft regulations for the open banking framework in Nigeria. It’s in line with the prediction by Stears Business that conversations around open banking regulations would move forward in Nigeria in 2021.
What’s all the fuss about? Open banking, often described as the future of banking, is the idea that traditional banks should share the transaction data of customers with fintechs, challenger banks and other third parties.
It sounds simple but the implications are far-reaching. With shared transactional data, customers can compare banking services easily and decide between banks. Importantly, it could allow fintechs to really compete with banks by taking all of that information and using it to create unique solutions that meet customer needs. ....

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