The Nigerian central bank recently said it had issued operational guidelines for open banking in Nigeria which are expected to enhance efficiency and access to financial services. According to the central bank, some of the guidelines’ objectives include ensuring “consistency and security across the open banking system.”

According to the CBN, some of the guidelines’ objectives include ensuring “consistency and security across the open banking system.” The central bank said it also hopes the guidelines, which were developed in collaboration with industry stakeholders, will promote competition as well as enhance access to financial institutions.