Third-Party Companies

According to reports, the Central Bank of Nigeria said that it had issued the operational guidelines for Nigeria’s open banking business. According to the Central Bank, the guide is expected to promote the sharing of customer licensed data between banks and third-party companies to build customer-centric products and services. The guide is expected to improve efficiency and accessibility of financial services. The Central Bank of Nigeria announces the guidelines for opening banks Analysis based on this information:The Central Bank of Nigeria (CBN) recently issued the operational guidelines for open banking in the country. According to the CBN, this move is expected to encourage banks and third-party companies to share customer licensed data in order to create products and services that are more customer-centric. The guidelines have been designed to improve the efficiency and accessibility of financial services in Nigeria. Open banking is a concept that seeks to improve banking services by allowing third-party providers to access customer data held by…