The Nigerian central bank recently announced some new rules for open banking in the country. These new guidelines are meant to help make financial services easier to use and more secure. The goals of these guidelines include making sure that everyone is using the same system and it’s protected from harm.
CBN Takes Action
The Central Bank of Nigeria recently issued some rules called “operational guidelines for open banking in Nigeria” to help people get better access to financial services. With these new guidelines, it will be possible for banks and third-party companies to share data with each other, so that they can create customer-focused products and make things much more efficient.
The Central Bank of Nigeria (CBN) sent out a letter to banks and payment service providers. They mentioned that they already were aware of the software system called Application Programming Interface (API) being used in the financial and payments sphere. Plus, there were plans to create some rules for everyone to follow when using this system.
The Central Bank of Nigeria (CBN) has set up some guidelines to help ensure everything is consistent and safe when using open banking. These rules were created with the help of experts in the industry and should help make it easier for people to access financial services. It’s also likely to lead to more competition between different providers.
CBN Introduces New Open Banking Registry
The Central Bank of Nigeria will start a database called the open banking registry. This is where everybody in the industry can store information.
The Central Bank of Nigeria stated that they will create the Open Banking Repository (OBR). This repository will contain information about all registered participants. Everyone who joins is given a unique number called the Corporate Affairs Commission business registration number. The OBR also contains an interface with its own set of guidelines — this is how participants can register and manage their access to it.
The Central Bank of Nigeria (CBN) recently released a statement saying that everyone should follow the new guidelines. The CBN also said they’ll be keeping an eye on what happens next and give extra instructions if necessary.
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