CBN ISSUES OPERATIONAL RECOMMENDATIONS FOR OPEN BANKING
According to report, the rules lay out general criteria for data exchange between banking and payment systems.
In order to provide regulatory supervision on participants, regulate operators, and improve transparency within the open banking ecosystem, the apex bank is required to establish and manage an Open Banking Registry.
It also specifies Consent Management, which requires bank customers' permission before data may be obtained for, among other things, open banking products and services.
According to Mr. Musa Jimoh, Director of the CBN's Payment System Management Department, the recommendations support the bank's mission to stabilize the financial system.
He said, "The adoption of open banking in Nigeria will foster the sharing of customer-permissioned data between banks and third-party firms to enable the building of customer- focused products and services.
"It's also aimed at enhancing efficiency, competition, and access to financial services."
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