CBN Issues Regulatory Framework for Open Banking
The framework establishes principles for data sharing across the banking and payments ecosystem, which will promote innovation, broaden the range of financial products and services, and deepen financial inclusion. The regulatory framework stipulates, amongst others, data and Application Programming Interface (API) access requirements, principles for API, data, technical design and information security specifications. 1.0 Introduction The Central Bank of Nigeria, in furtherance of its mandate for the stability of the financial system and pursuant to its role...
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