 |
| Speakers. |
The Central Bank of Nigeria (CBN) has clarified that the country’s open banking framework has not yet commenced, contrary to earlier expectations of an August 2025 rollout.
However, the apex bank assured that progress is being made on the governance structure and standardisation of Application Programming Interfaces (APIs) necessary for a secure and efficient system.
“Open banking hasn’t gone live yet,” stated Chai Gang, Deputy Director at the CBN’s Payments Systems Policy Department, during a panel session at Moonshot by TechCabal.
“We’ve put together a governance structure and are building a standardised API template. It will happen soon.”
The CBN had released operational guidelines for open banking in March 2023, but technical and regulatory preparations are still ongoing before the full implementation can begin.
The apex bank did not indicate a new date for the official launch.
“There are the guidelines for open banking in Nigeria and the framework for open banking in Nigeria,” Gang explained. “We must be careful who has access to customers’ personal data.”
Open banking enables authorised financial institutions and third-party providers to share customer-approved data through APIs. Once activated, it is expected to foster the creation of innovative digital financial products and improve access to credit across various industries.
“One of the strongest foundations for open banking is customer consent,” Gang added. “We are building an automated process to ensure customers know what data is used, for how long, and can revoke permission anytime.”
Gang further noted that when Nigeria’s open banking ecosystem finally goes live, there will be clear accountability in cases of data breaches. “Liability lies with whoever loses the data,” he said. “Data at rest or in flight must be protected, and whoever fails to do so bears responsibility.”
According to him, licensed participants will be held responsible for breaches involving customer data, while unlicensed entities will only be permitted to access anonymised data. Both groups will still be obligated to implement strict data protection measures.
He also emphasised that decision-making within the ecosystem must remain transparent and inclusive. “If you leave it to the banks, it will be very difficult,” he said. “It has to be on an equal footing for all players.”
Gang confirmed that the CBN is currently examining how virtual assets, including stablecoins, can be integrated into Nigeria’s financial system. “The CBN is looking at these innovations [virtual assets],” he said. “We are not unaware that virtual assets, especially stablecoins, are being used in the country.”
Nonetheless, he warned that since most stablecoins are dollar-denominated, their widespread use in retail transactions could influence monetary policy.
“We are working with other agencies, like the SEC [Nigeria’s Securities and Exchange Commission] to understand the impact, but these are conversations that need to happen,” he said.
.jpeg)
0 Comments
DISCLAIMER
The views and opinions expressed on this platform as comments were freely made by each person under his or her own volition or responsibility and were neither suggested nor dictated by the owners of News PLATFORM or any of their contracted staff. So we take no liability whatsoever for such comments.
Please take note!