How open banking will change how fintechs manage API integrations with banks
- Accessing bank data in Nigeria was previously complex and often relied on personal relationships.
- Fintechs used insecure methods like screen scraping to gather user data, raising security concerns.
- Open banking in Nigeria will introduce standardized API access and a regulated framework for data sharing.
The transition to open banking in Nigeria represents a significant leap forward for the fintech industry, addressing long-standing issues related to data access and security. This regulatory framework not only enhances user trust but also paves the way for innovative financial products that can better serve the needs of consumers. It will be crucial for fintechs to adapt quickly to leverage these new opportunities effectively.
