The Regulatory Framework for Open Banking in Nigeria established principles for data sharing across the banking and payments system to promote innovations and broaden the range of financial products and services available to bank customers. As a result, open banking recognises the ownership and control of data by customers of financial and non-financial services, and their right to grant authorisations to service providers for the purpose of accessing innovative financial products and services. Open Banking applicability includes Agency Banking, Financial Inclusion, Know your customer (KYC), credit scoring/rating etc. These Guidelines are anticipated to drive competition and improve accessibility to financial and payments services.

Participants in open banking shall adhere strictly to security standards when accessing

and storing data, and shall be subject to minimum privacy, operational, customer

experience and risk management standards as prescribed by the Bank.