(DDM) – Nigeria’s financial regulator has announced fresh steps to fast-track open banking implementation across the country’s financial system.
DDM gathered that the Central Bank of Nigeria plans to release a detailed open banking roadmap within three months.
The plan appears in the newly published CBN Fintech Report 2025 reviewing developments in the sector.
Officials say the roadmap will close existing technical gaps slowing adoption of open data standards.
The CBN earlier introduced an Open Banking Framework through a circular released in February 2021.
Regulators later supported the framework with operational guidelines issued in 2023.
The framework defined rules for sharing customer-approved data across banks and payment providers.
It also outlined API access rules and security standards for financial data exchange.
Despite these efforts, adoption has progressed slower than regulators initially expected.
The CBN now prioritises technical protocols to drive practical implementation.
The report urges timely rollout of governance structures and dispute resolution systems.
It also emphasises consumer education to build trust in data sharing systems.
Authorities believe awareness will encourage broader customer participation.
Immediate priorities for the next three months include creating a fintech engagement forum.
The CBN will lead this forum to coordinate industry dialogue.
Regulators also plan to begin technical scoping for a single regulatory window.
A smart licensing gateway is also under consideration.
The bank will review payment service bank lending limits and digital identity access rules.
Officials indicate a shift toward digital bank licensing rather than PSB expansion.
Near-term reforms between three and nine months include a new regulatory sandbox.
This sandbox will test artificial intelligence and regulatory technology solutions.
The CBN also plans a fintech credit guarantee scheme with development finance institutions.
Guidelines on data portability and consumer protection will follow under open finance.
Nigeria will begin talks on regulatory passporting with Ghana, Kenya, and Senegal.
Long-term reforms over eighteen months aim to institutionalise fintech governance.
A fintech advisory council will supervise progress and policy corrections.
Authorities will launch a public consultation calendar for transparency.
Supervisory technology pilots will introduce early-warning monitoring tools.
Nigeria will also join continental forums shaping African regulatory standards.
Industry surveys show strong demand for open banking infrastructure.
About one quarter of fintech executives rank open banking APIs as critical.
Global experience shows open banking can stimulate competition and innovation.
The European Union’s payments directive remains a major reference model.
Countries like Australia, Brazil, and Canada have adopted similar systems.
Nigerian fintech firms increasingly pursue regional expansion opportunities.
More than sixty percent reportedly plan cross-border growth.
The CBN therefore promotes mutual licence recognition with other regulators.
This passporting system could reduce compliance duplication across borders.
The regulator also reassesses strategies for inclusive lending.
A dedicated digital banking licence may replace broader PSB credit roles.
Officials see this model as more scalable for underserved populations.
Artificial intelligence now plays a defensive role in fintech operations.
Most firms deploy AI tools for fraud detection and risk monitoring.
Stakeholders describe fraud as a major sector challenge.
Recent reforms helped Nigeria exit the FATF grey list.
The CBN expects this development to boost investor confidence.
Observers say successful implementation could transform Nigeria’s digital finance landscape.
Analysts note that trust and security will determine public acceptance.
The coming roadmap may therefore shape the future of Nigerian fintech.
Financial institutions now await detailed regulatory direction from the apex bank.
