How product and engineering teams can prepare for open banking
- The Central Bank of Nigeria has approved the open banking framework, set to go live in August.
- Fintechs must shift from credential-based access to OAuth2-based flows for user authentication.
- Consent management will evolve into an ongoing, auditable process rather than a simple checkbox.
The implementation of open banking in Nigeria is a significant step towards modernizing the financial ecosystem, fostering innovation, and enhancing user trust. However, companies must be proactive in adapting their systems and processes to fully leverage the benefits of this framework. The focus on user consent and data security is commendable but requires ongoing commitment and collaboration across the industry.
