CBN to Implement Open Banking Roadmap in Three Months, Bridging Technical Gaps

The Central Bank of Nigeria (CBN) is set to implement an open banking roadmap within three months to address technical gaps in the country's financial ecosystem, as revealed in the CBN Fintech Report 2025. The roadmap aims to establish principles for data sharing across banks and payment ecosystems, with a focus on API data technical design and information security.

The framework, set for 2023, will prioritize technical protocols and the rollout of open data standards. The initiative includes the establishment of a fintech engagement forum, leadership issuance, and industry sensitization.

Additionally, the plan involves the launch of a pilot cohort for regulatory sandbox 2.0, collaboration with DFIs on data portability, and consumer protection in the open finance initiative. The CBN also plans to introduce a regulatory passport program with Ghana, Kenya, and Senegal to streamline licensing processes for Nigerian firms across African jurisdictions.