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CBN Issues Operational Guidelines for Open Banking Across the Country

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The Central Bank of Nigeria (CBN) has issued operational guidelines for open banking in the country.

The guidelines establish principles for data sharing across banking and payment systems.

In a circular dated March 7, 2023, the Apex Bank said the guidelines would create greater access to customer-focused data sharing between banks and third-party firms.

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

According to the guidelines, the Apex Bank shall provide and maintain an open banking registry to give regulatory oversight on participants, regulate operators and enhance transparency within the open banking ecosystem.

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