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In Nigeria, banking is about to get open Last week, the Central Bank of Nigeria (CBN) released draft regulations for the open banking framework in Nigeria. It’s in line with the prediction by Stears Business that conversations around open banking regulations would move forward in Nigeria in 2021. What’s all the fuss about? Open banking, often described as the future of banking, is the idea that traditional banks should share the transaction data of customers with fintechs, challenger banks and other third parties. It sounds simple but the implications are far-reaching. With shared transa...

The Big Ban Theory You’ve probably heard of it, but I’ll say it again. On Friday, the Central Bank of Nigeria sent out a circular to commercial banks reminding them that "dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited" and ordering them to close any accounts transacting with cryptocurrencies. What this means: While the CBN has not banned the use of virtual currencies, it has effectively blocked the ability of the exchanges which trade them to collect payments from bank customers. Since crypto is hardly bought with cash from exchanges, this...