Open banking can change Nigeria’s financial industry. Why is the CBN stalling on it?
- Nigeria became the first African country to adopt open banking last year.
- Open banking can improve lending by providing fintechs with data to assess creditworthiness and create credit scores for Nigerians.
- The CBN's slow adoption of open banking risks delaying financial inclusion and innovation in the banking sector.
The slow adoption of open banking by the Central Bank of Nigeria is concerning and risks delaying financial inclusion and innovation in the banking sector. There is a need for the CBN to prioritize the creation of a uniform standard and collaborate with fintechs to drive the adoption of open banking. Public awareness of the benefits of open banking can also play a crucial role in spurring the CBN to take action.
