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Amid cash crunch, CBN issues fresh operational guidelines to banks

The Central Bank of Nigeria (CBN) has issued fresh operational guidelines on open banking to deposit money banks, mobile money operators and payment service providers in the country.

A view shows Nigeria's Central Bank headquarters in Abuja
A view shows Nigeria's Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. Credit: REUTERS/Afolabi Sotunde

The Central Bank of Nigeria (CBN) has issued fresh operational guidelines on open banking to deposit money banks, mobile money operators and payment service providers in the country.

The apex bank on Wednesday in a circular titled “Issuance of the Operational Guidelines for Open Banking in Nigeria” directed all operators and service providers in the banking sector to comply with the new guidelines on open banking.

“The Central Bank of Nigeria, in furtherance of its mandate for the stability of the financial system and pursuant to its role in deepening the financial system, hereby issues the Operational Guidelines for Open Banking in Nigeria”, the statement reads.

“The adoption of Open Banking in Nigeria will foster the sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services. It is also aimed at enhancing efficiency, competition and access to financial services in Nigeria

“All stakeholders are required to ensure strict compliance with the guidelines and all other regulations, as the CBN continues to monitor developments and issue guidance as may be appropriate”, the apex bank said.

The full guidelines on Open Banking can be accessed here

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