• Home
  • Make Money
  • Loans

Voice of Nigeria

voiceofnigeria.org.ng is the number go-to for making money, grants, fund, loan options and federal government jobs

CBN News on Open Banking | CBN issues operational guidelines on open banking

March 9, 2023 By Amitverain Leave a Comment

The CBN has issued operational instructions for open banking in Nigeria. These procedures govern how financial institutions access and manage customer data. Open banking promotes third-party access to banking data with customer consent.

This access enables a wider range of products and services. The instructions aim to enhance competition and financial services access. An Open Banking Registry will be established as a regulatory oversight tool.

Customer consent is required before data can be accessed for open banking products and services. Adherence to the operational instructions is necessary for the success of open banking.

CBN News

Contents

  • What is open banking?
  • CBN’s Open Banking Guidelines:
  • Consent Management Framework:
  • Benefits of open banking:
  • Importance of adherence to guidelines:
  • Targeted towards banking and financial services:

What is open banking?

Open banking enables third-party financial providers to access customer data. Customer consent is required for data access in open banking.

This provides access to a wider range of products and services. Open banking fosters innovation and competition in the financial industry.

CBN’s Open Banking Guidelines:

CBN has issued guidelines for open banking in Nigeria. Guidelines require CBN to establish Open Banking Registry.

Registry serves as regulatory oversight tool. Open Banking Registry enhances transparency in the system.

Open Banking Registry provides means for regulating operators. Guidelines ensure compliance to promote innovation and competition.

Guidelines are specifically targeted towards banking and financial services.

Consent Management Framework:

The guidelines mandate explicit customer consent for data access in open banking. This ensures data protection and privacy. Transparency and accountability are also prioritized. Consent Management is crucial for open banking in Nigeria.

Benefits of open banking:

Open banking enables sharing of customer-permissioned data It facilitates building of customer-focused products and services.

It promotes efficiency and competition in financial services. It provides access to a wider range of financial products and services.

It fosters innovation and collaboration among industry players. It improves customer experience through personalized financial products and services.

Open banking enhances financial inclusion by reaching underserved customers.

Importance of adherence to guidelines:

The director of payment services management department at the CBN, Musa Jimoh, emphasised the importance of adhering strictly to the guidelines and other regulations. He called on all stakeholders to prioritise compliance to ensure the success of the open banking system.

Targeted towards banking and financial services:

The guidelines are specifically targeted towards banking and other related financial services, as determined and classified by the apex bank within the regulatory framework for open banking in Nigeria.

In conclusion, the operational guidelines issued by the CBN for open banking in Nigeria are a welcome development that will enhance efficiency, competition, and access to financial services.

The guidelines provide a regulatory framework for participants in the open banking ecosystem, and require strict adherence to ensure the success of the initiative. With the adoption of open banking, customers will have access to a wider range of financial products and services, and financial service providers will be able to build customer-focused products and services.

Related

FREE REGISTRATION

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search Jobs in Nigeria

Recent Posts

  • NIRSAL Loan Status 2023 | Approval & Application Status 2023
  • Earn 1000+ Naira Daily Watching Videos in Nigeria 2023
  • CBN Reaction on Viral News of Suspending Accounts of OPAY and PALMPAY
  • Make Money with Online Translation in Nigeria 2023 (25000 Naira Per Day)
  • Canada Work Visa for Nigeria – ₦5000 An Hour
  • Write Content and Earn 500,000 Naira in 2023
  • Australia Visa for Nigeria 2023- Application, Eligibility, Registration
  • Instant Cash with Access Bank Payday Loan: Here’s How to Get It
  • CBN AGSMEIS N10 million Loan Application Form
  • Ready to Go Cashless? Get a Baxi POS Machine – 2023 Price, Application & Charges Explained

Popular Articles

  • Top 10 Cheapest Countries to Study Abroad
  • 40+ List of Visa Free Countries – Travel Abroad Without Having Visa
  • Canada Visa Lottery
  • Holland Visa Lottery
  • Australia Visa Lottery
  • United Kingdom Visa Lottery
  • US Green Card An A-Z Guide
Copyright © 2020 Voice of Nigeria. All Rights Reserved
Contact   About  Disclaimer  Privacy Policy