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Africa’s central banks lead the way, embrace open banking

Africa’s central banks lead the way, embrace open banking

CONRAD ONYANGO, BIRD STORY AGENCY NIGERIA in March became the first African country to launch open banking on the continent, after publishing guidelines on how traditional lenders may connect to a global digital market poised to grow from US$13.9 billion to US$123.7 billion by 2031, according to Allied Market Research. According to a circular published by the Central Bank of Nigeria, the regulations are backed by the country's data protection laws and are geared towards enhancing efficiency, competition and access to financial services. "The adoption of Open Banking in Nigeria will foster the sharing of customer-permissioned data between banks and…
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