Transforming banking and finance for good with open APIs

With open banking, the financial ecosystem in Nigeria will accelerate as technical frictions are removed and innovation is unleashed

Open banking is underpinned by various pillars

Data
Privacy

The core of open banking provides an assurance of privacy and full consent to all players

Regulation

CBN regulation on open banking provides the legal and regulatory framework for banks and fintech to share customer data in a secure and responsible manner

Operational Guidelines

CBN and the financial ecosystem have designed world-class operational guidelines for how open banking will be operated by various stakeholders

APIs

Open Banking Nigeria collaborates with the industry to establish API standard enabling swift and CBN-compliant open banking products for banks and fintechs

Ready to join the Open Banking movement? Explore our APIs.

Join
Open Banking

Become a part of a growing body of providers and partners helping to transform banking in Nigeria.

Use Cases

Business finance management

Small and Medium Enterprises (SMEs) can benefit significantly from Open Banking. For example, a business owners can integrate their bank accounts to accounting softwares to automatically reconcile transactions, manage cash flow, and generate financial reports. This automation saves time and reduces errors, allowing business owners to focus on growth. Furthermore, SMEs can access tailored financial products such as business loans and credit lines based on their transaction history and cash flow patterns.

Personal finance management

Open Banking allows users to aggregate their financial data from multiple bank accounts into a personal finance management app powered by open APIs. This single app then categorizes their spending, provides insights on their financial habits, and offers personalized financial advice. This holistic view aids comprehensive budgeting and expense tracking, helping customers in managing their finances better and making informed decisions.

Credit scoring and lending

Open banking can revolutionize credit assessment by granting lenders access to verifiable and high-quality transaction data for more accurate credit scoring. Digital lenders can leverage open banking to gain a holistic view of borrowers' financial behavior.

Financial inclusion

Open Banking can extend services to the unbanked by allowing super agents like Nomba to open accounts for financially excluded Nigerians, promoting financial inclusion and economic empowerment.

Payment initiation

Open Banking streamlines payments by allowing direct B2B transfers. Users can pay online directly from their bank account, lowering fees and boosting security. It also enables automated recurring payments for bills and subscriptions.

Ready to join the Open Banking movement? Explore our APIs.