Nigeria no dey slack for fintech matter! Central Bank of Nigeria (CBN) don drop beta gist say dem go release open banking implementation roadmap within three months. This one na serious move wey go fit bridge all them technical gaps wey dey affect our financial system.
Dis gist come from dem new CBN Fintech Report 2025 wey just land, wey show all the area wey fintech dey shine for Nigeria. For early 2021, CBN don drop Open Banking Framework, and based on how e be, na 2023 dem come give us dem operational guidelines. This framework dey help set principles for how banks fit dey share data with fintechs, but e get as e be say technical gaps don dey slow down the matter.
CBN don talk say dem go focus on rolling out technical protocol sharp sharp. According to dem report, dem go make sure say dem release all dis open banking protocols on time to make everybody dey on the same page, and consumers go get beta education on top financial matters.
Dem don break am down into three phases. Phase 1, wey go start now, dem go set up Fintech Engagement Forum under CBN leadership, plus give us that implementation roadmap wey we dey wait for. E go sweet us if dem fit do all dis one quick, so we go fit start dey enjoy, abi?
For Phase 2, wey fit take 3 to 9 months, dem go launch regulatory sandbox for fintechs wey go dey use AI and RegTech. This one go help dem see how dem fit use technology to solve pressing problems. And for Phase 3, wey dey between 9 to 18 months, dem go formalise Fintech Advisory Council to guide everybody wey dey play for this game.
As e be, 25% of fintech execs dey yan say open banking APIs dey very important for dem growth. E mean say if dem fit link all these banks and fintech sectors well, e go burst new opportunities wey never see light.
Globally, open banking dey catch fire as countries like Australia, Brazil, and Canada dey adapt the model wey Europe don set. For Nigeria, over 62.5% of our fintech companies dey plan to dey expand to other African countries, and CBN dey set wahala-free way for dem through Regulatory Passporting Programme wey go make licence matter ease for our companies.
No forget say CBN dey look to ensure we get proper digital banking license too, this one go make am easier for new players to enter the market and start providing better services to those wey dey underserved.
AI dey serve as our shield against fraud for inside this sector, with 87.5% of fintechs dey use am to detect wahala wey dey come. Dis technology dey help maintain integrity for the industry as Nigeria don just step out from FATF grey list. This one go make international investors believe say our financial system dey safe.
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