In February 2021, the Central Bank of Nigeria (CBN) released the Regulatory Framework for Open Banking in Nigeria (the Open Banking Framework) which establishes principles for data sharing across the banking and payments system. In line with the Open Banking Framework, the CBN has now released the exposure draft of the Operational Guidelines for Open Banking in Nigeria (the Operational Guidelines), which sets out detailed provisions on the roles, responsibilities and minimum requirements of participants in the open banking system, among other things.
In this Newsletter, we examine the key provisions of the Operational Guidelines.
