{"id":23194,"date":"2023-03-11T23:50:20","date_gmt":"2023-03-12T07:50:20","guid":{"rendered":"https:\/\/coinnetworknews.com\/nigerian-central-bank-unveils-open-banking-guidelines-africa-bitcoin-news\/"},"modified":"2023-03-11T23:50:20","modified_gmt":"2023-03-12T07:50:20","slug":"nigerian-central-bank-unveils-open-banking-guidelines-africa-bitcoin-news","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/nigerian-central-bank-unveils-open-banking-guidelines-africa-bitcoin-news\/","title":{"rendered":"Nigerian Central Bank Unveils Open Banking Guidelines \u2013 Africa Bitcoin News"},"content":{"rendered":"
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The Nigerian central bank recently said it had issued operational guidelines for open banking in Nigeria which are expected to enhance efficiency and access to financial services. According to the central bank, some of the guidelines\u2019 objectives include ensuring \u201cconsistency and security across the open banking system.\u201d<\/strong><\/p>\n

Customer Permissioned Data Sharing<\/h2>\n

The Central Bank of Nigeria said on March 7 that it had issued what it called the operational guidelines for open banking in Nigeria. According to the central bank, the guidelines are expected to foster the \u201csharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services.\u201d The guidelines are expected to enhance efficiency and access to financial services.<\/p>\n

In a circular<\/a> sent to financial institutions and payment service providers, the CBN said it had been aware of the \u201cexistence of an ecosystem for Application Programming Interface (API) in the financial and payments system.\u201d It added that it also knew of plans to \u201cdevelop acceptable standards among stakeholders.\u201d<\/p>\n

According to the CBN, some of the guidelines\u2019 objectives include ensuring \u201cconsistency and security across the open banking system.\u201d The central bank said it also hopes the guidelines, which were developed in collaboration with industry stakeholders, will promote competition as well as enhance access to financial institutions.<\/p>\n

Open Banking Registry<\/h2>\n

To kick things off, the CBN said it will provide and maintain an open banking registry (OBR) which acts as the industry\u2019s storehouse.<\/p>\n

\u201cThe OBR shall be a public repository for details of registered participants. Each participant shall be identified by its CAC [Corporate Affairs Commission] business registration number, which shall be the unique key across the OBR system. The OBR shall maintain an API interface, defined within these guidelines, which shall serve as the primary means by which API providers manage the registration of their API consumers,\u201d the CBN revealed.<\/p>\n

Meanwhile, in its circular, the CBN said all stakeholders are required to \u201censure strict compliance\u201d with the guidelines as well as other regulations. For its part, the central bank said it will continue to monitor developments and may \u201cissue guidance as may be appropriate.\u201d<\/p>\n

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What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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