The Central Bank of Nigeria (CBN) has given approval for the operation of Open Banking in Nigeria.
![](https://thenigerialawyer.com/wp-content/uploads/2026/06/ELLAN.png")
![](https://thenigerialawyer.com/wp-content/uploads/2026/05/2026-Summer-IDRI-Masterclass.jpg")
Open Banking in Nigeria refers to data sharing across the banking and payment systems in the country.
According to the guideline establishing Open Banking, the idea behind the initiative “is to promote innovations and broaden the range of financial products and services available to bank customers”.
The CBN, in its guideline, said: “Open banking recognises the ownership and control of data by customers of financial and non-financial services”.
It also recognises the right of the customer “to grant authorisations to service providers for the purpose of accessing innovative financial products and services”.
Open Banking can be used to access customers’ information in relation to Agency Banking, Financial Inclusion, Know Your Customer (KYC), credit scoring/rating etc.
The CBN said the guidelines are anticipated to drive competition and improve accessibility to financial and payments services.
Specifically, the CBN has warned participants in Open Banking to “adhere strictly to security standards when accessing and storing data, and to observe minimum privacy, operational, customer experience and risk management standards as prescribed by the Bank”.
With regards to those that will operate in the Open Banking ecosystem, the CBN has identified “any organisation that has data of customers which may be exchanged with other entities for the purpose of providing innovative financial services within Nigeria.
“Entities participating in Open Banking are categorised into two. They: API Provider (AP): this refers to a participant that uses Application Programming Interface (API) to avail data or service to another participant.’’
An API Provider can be a licensed financial institution/service provider, a Fast-Moving Consumer Goods (FMCG) Company or other retailers, Payroll Service Bureau etc.
“Order Your Copy Now” — Basil Momodu, Esq. Unveils Second Edition Of His Book, "Civil Procedure In Nigeria"
According to the learned author, Basil Momodu Esq. "Law review is a continuum. We will continue to track changes in the law to enrich future editions." Recommended Booksellers: Lagos: 08033855230, Abuja: 08035991379, and others.
_______________________________________________________________________
“Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
The book, titled The Law of Torts in Nigeria: A Functional Approach, authored by Professor Hagler Sunny Okorie Ph.D and Ikeocha, Nathaniel Ngozi Esq, offers law students, practitioners, and academics a comprehensive guide to understanding and applying tort law in Nigerian courts. Interested buyers can place orders via the following contact numbers: 08028636615, 08037667945, 08032253813, or +234 902 196 2209.
________________________________________________________________________
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
As an added bonus, every purchase comes with a FREE ebook titled: “AI in Legalpedia and Law Pavilion: A Research Guide.”
Ohio Books Ltd praises the publication, stating:
"....this is the only Nigerian book I know of on the topic."
How to Order:
📞 Call, Text, or WhatsApp: 08034917063 | 07055285878
📧 Email: benadigwe1@gmail.com
🌎 Website: www.benadigwe.com
Ebook Version: Access it directly online at https://selar.com/prv626
