CBN Issues Guidelines For Open Banking In Nigeria To Enhance Financial Services
CBN has issued guidelines for Open Banking in Nigeria to enhance financial services.
Glamtush reports that the Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance data sharing across the banking and payments system to promote innovations and broaden the range of financial products and services available to bank customers.
This was disclosed in a recently released circular titled ‘Operational guidelines for open banking in Nigeria’.
Open banking is a banking practice in which third-party financial service providers are given open access to customer banking, transaction and other financial data from banks and non-bank financial institutions via application programming interfaces (APIs).
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