CBN issues guidelines on open banking

Joseph Inokotong – Abuja

The Central Bank of Nigeria (CBN) has issued operational guidelines for open banking in Nigeria in furtherance of the bank’s mandate to stabilise the financial system.

The guidelines issued on Wednesday, establish principles for data sharing across banking and payment systems.

The guidelines stipulate that the CBN shall provide and maintain an Open Banking Registry to provide regulatory oversight on participants, enhance transparency and regulate operators within the open banking ecosystem.

It also provides for Consent Management, whereby consent of customers is required before their data can be obtained for open banking products and services, among others.

Mr. Musa Jimoh, CBN’s Director, Payments System Management Department stated that the guidelines were in furtherance of the bank’s mandate to stabilise the financial system.

He added that the guidelines were also pursuant to the bank’s role in deepening the financial system.

According to him, “The adoption of open banking in Nigeria will foster the sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services.

“It is also aimed at enhancing efficiency, competition, and access to financial services”.

Jimoh urged stakeholders to ensure strict compliance with the guidelines and with other regulations as they were meant to promote innovations and broaden the range of financial products and services available to bank customers.

He emphasised that “The guidelines apply to banking and other related financial services as categorised and determined by the CBN in the regulatory framework for open banking in Nigeria”.

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