The Central Bank of Nigeria (CBN) has approved the use of Open Banking in Nigeria.
Open Banking in Nigeria refers to data sharing across the country’s banking and payment systems.
According to the Open Banking guidelines, the goal of the initiative is to “promote innovation and broaden the range of financial products and services available to bank customers.”
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“Open banking recognizes the ownership and control of data by customers of financial and non-financial services,” the CBN stated in its guidelines.
It also recognises the right of the customer “to grant authorisations to service providers for the purpose of accessing innovative financial products and services”.
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