Nigeria Open Banking

Nigerian Regulatory Framework for Open Banking

ActiveOpen BankingAfrica
Nigeria • Regulated by Central Bank of Nigeria (CBN)
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Effective Date
Mar 2023
Full Compliance
Mar 2024
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Regulator
Central Bank of Nigeria
CBN
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Scope Areas
2

Overview

Nigeria's Open Banking framework establishes guidelines for data sharing between financial institutions and authorized third parties. It aims to promote innovation while protecting consumer data.

Note: Africa's largest economy implementing Open Banking. Building on existing fintech ecosystem.

Jurisdiction

Nigeria
View Open Banking providers and TPPs in Nigeria

Scope & Coverage

This regulation covers the following areas and services:

AISPIS

Key Requirements

API provider registration
Data sharing agreements
Security standards
Consumer consent

Timeline

Effective Since
March 1, 2023
Full Compliance Deadline
March 1, 2024

Official Resources

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