Open banking in Nigeria: Lessons from abroad and the demands of compliance
- The Central Bank of Nigeria launched Open Banking Guidelines and Registry, marking a new era for consumer data management.
- The guidelines require fintechs to obtain explicit consent for data sharing, emphasizing accountability and security.
- Nigeria's Open Banking Registry centralizes supervision, contrasting with the EU's decentralized approach.
The implementation of Open Banking Guidelines in Nigeria is a crucial step towards modernizing the financial sector, but it requires a careful balance between innovation and regulation. The emphasis on consent and data protection is commendable, yet the real challenge lies in executing these principles effectively. As Nigeria navigates this landscape, it must remain vigilant to avoid the pitfalls experienced by other nations.
