The framework establishes principles for data sharing across the banking and payments ecosystem, which will promote innovation, broaden the range of financial products and services, and deepen financial inclusion. The regulatory framework stipulates, amongst others, data and Application Programming Interface (API) access requirements, principles for API, data, technical design, and information security specifications.
Operational guidelines related to the framework will be communicated in due course. The CBN will continue to monitor industry developments and issue further guidance as appropriate.
- Lloyds Bank taps Mastercard’s Open Banking Connect for credit card customers
- Open Vector launches Open Finance sandbox in Mexico
- Moneybox app announces Open Banking merger with Santander
- VibePay continues its push to bring Open Banking to consumers
- Blue Motor Finance and Credit Kudos strike partnership for motor sector