Newsletter On The Cbn Draft Operational Guidelines For Open Banking In Nigeria

On February 17, 2021, the Central Bank of Nigeria (CBN) released the Regulatory Framework for Open Banking in Nigeria to provide an enabling regulatory environment for the provision of innovative-centric financial services through the safe utilization of shared data. However, major risks exist with the adoption and implementation of Open Banking, notably data/security breaches and abuse.

In recognition of these risks and building on the Open Banking Framework, the CBN has now released the Exposure Draft of the Operational Guidelines for Open Banking in Nigeria (The Guidelines), setting out the responsibilities and expectations for the participants in the Open Banking ecosystem, the framework for sharing information and customer experience standards, amongst others.

In this Newsletter, we examine the key provisions of the Guidelines including but not limited to provisions on the scope, categories of data, tiers, and responsibilities of participants, and shared information framework.

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