Nigeria’s Central Bank To Launch Open Banking in August 2025
- Nigeria's Central Bank has approved the launch of open banking, starting August 2025.
- This makes Nigeria the first African country to implement open banking.
- Customers will have the ability to consent to financial institutions accessing their data.
The implementation of open banking in Nigeria represents a significant advancement in the financial sector, promising to enhance customer experience and financial inclusivity. However, the success of this initiative will depend on effective collaboration between banks, fintechs, and regulatory bodies to ensure data security and consumer trust.
