9 March 2021
The Central Bank of Nigeria (“CBN”) recently released a draft regulatory framework for open banking in Nigeria. If issued, the “Regulatory Framework for Open Banking in Nigeria” (the “Framework”) will set out rules under which the sharing of financial data can occur.
The CBN believes open banking will increase financial inclusion and stabilize Nigeria’s financial infrastructure ecosystem, and from a market perspective, this is a welcome step in the right direction.
In this newsletter, we outline the highlights of the Framework and how this improves the way we bank in Nigeria.