According to 9jaWatchtower, the Central Bank of Nigeria has accepted the operating parameters for open banking in Nigeria, kicking off an open banking system in Nigeria. Musa Jimoh, Director of the CBN’s Payments System Management Department, issued a circular outlining the guidelines on March 7, 2023.

The open banking policy will usher in a new era of financial innovation and financial inclusion in Nigeria and throughout Africa.
The publication of the final guidelines marks the end of a lengthy road for open banking in Nigeria. On June 1, 2017, a group of industry experts led by Adedeji Olowe determined that Nigeria needed to be a leader in payments innovation and launched an open banking working group, which later became Open Banking Nigeria. The committee met with banks, fintechs, the Central Bank of Nigeria, and other foreign players.

How will open banking function?

Read More.. https://9jawatchtower.com/cbn-approved-open-banking-system-in-nigeria-what-you-need-to-know/

Just what I envisioned recently, not knowing such an idea was in the mode. Good one!

LionTiger:
Just what I envisioned recently, not knowing such an idea was in the mode. Good one!

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Snitch24:
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libralization, bringing banking services to your doorstep.