Nigeria’s Open Banking to Go Live Soon, Says CBN

• The Central Bank of Nigeria (CBN) has assured that Nigeria’s open banking framework will go live soon, following progress in finalizing its governance structure and API standardization.

The Central Bank of Nigeria (CBN) has clarified that open banking in Nigeria has not gone live, contrary to earlier reports suggesting a full rollout by August 2025.

The apex bank, however, reassured that significant progress is being made on the governance framework and API standardisation required to ensure a secure and efficient open banking ecosystem.

“Open banking hasn’t gone live yet,” said Chai Gang, Deputy Director at the CBN’s Payment Systems Policy Department, during a panel session at Moonshot by TechCabal.

“We’ve put together a governance structure and are building a standardised API template. It will happen soon.”

The CBN had released the Operational Guidelines for Open Banking in Nigeria in March 2023, but the technical and regulatory groundwork required for nationwide implementation is still being finalised. The regulator did not specify a new launch date.

Gang emphasised that data privacy and customer consent remain at the core of the project.

“We must be careful who has access to customers’ personal data,” he noted. “One of the strongest foundations for open banking is customer consent. We are building an automated process to ensure customers know what data is used, for how long, and can revoke permission anytime.”

When fully operational, open banking will allow licensed financial institutions and third-party providers to securely share customer-approved financial data via APIs. The initiative is expected to spur innovation, unlock new digital financial products, and expand access to credit across sectors such as fintech, lending, and payments.

Gang also stressed that the CBN will enforce strict data protection and accountability standards within the ecosystem:

“Liability lies with whoever loses the data. Whether data is at rest or in flight, it must be protected — and whoever fails to do so bears responsibility.”

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According to him, licensed operators will be held directly responsible for any data breaches involving customer information, while unlicensed entities will only have access to anonymised datasets, subject to regulatory oversight.

He further highlighted the importance of a level playing field for all stakeholders:

“If you leave it to the banks, it will be very difficult. Decision-making has to be fair and inclusive for all players.”

On the topic of virtual assets, Gang revealed that the CBN is currently studying how stablecoins and other digital currencies fit into Nigeria’s financial landscape.

“We are not unaware that virtual assets, especially stablecoins, are being used in the country. However, most are dollar-denominated and could affect monetary policy if used widely,” he explained.

The CBN is working closely with the Securities and Exchange Commission (SEC) and other agencies to develop a coordinated framework for managing the impact of digital assets on Nigeria’s economy.