Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home News

Open Banking: CBN Marshals Out Guidelines

Michael NwanoluebyMichael Nwanolue
May 19, 2022
in News
0
Open Banking: CBN Marshals Out Guidelines
Share on FacebookShare on TwitterShare on Whatsapp

The Central Bank of Nigeria (CBN) has issued a series of guidelines and regulations for open banking in Nigeria as part of its efforts to promote innovations in the banking and payments services sphere.  Open banking is an idea or framework where third-party financial services or providers are given free access to consumers’ transaction data as collected by banking institutions and their Application Programming Interfaces (APIs). 

The new rules were first disclosed in a report titled “Operational Guidelines for Open Banking in Nigeria” and according to the Central Bank, the rules contained within were developed with the principles of open sharing of data across various systems and widening the depth and range of financial products and services available to consumers.

Explaining further, the Central Bank said that open banking recognized the ownership and control of their data by the customers themselves as well as their right to grant access to service providers to that data. They anticipated that the adoption of the open banking system would drive more competition in the banking and finance sector and increase the access and availability of financial services to more people.

Furthermore, the Central Bank warned that all participants in the open banking system should strictly adhere to the mapped security standards while accessing and using their customers’ data, as well as privacy and risk management standards. 

Tags: cbncentral bankfederal characterFinancial ServicesOpen banking
Michael Nwanolue

Michael Nwanolue

Michael is a writer, primarily of genre fiction like fantasy, but also has interested in the contemporary arts. When not reading he can be found looking up videos about history, mythology and everything tech.

Related Posts

“We Want to Breathe”: Hundreds March in Tunis Over Worsening Pollution Crisis
News

“We Want to Breathe”: Hundreds March in Tunis Over Worsening Pollution Crisis

October 25, 2025
Louvre Evacuates Jewels to Bank After Security Failure
News

Louvre Evacuates Jewels to Bank After Security Failure

October 25, 2025
A New Kind of Threat? Murder-Suicide at Ukrainian Station Raises Alarms
News

A New Kind of Threat? Murder-Suicide at Ukrainian Station Raises Alarms

October 24, 2025
Next Post
Open Banking: CBN Marshals Out Guidelines

Buhari Off to the UAE for Condolence Visit

Open Banking: CBN Marshals Out Guidelines

Catholic Church Elder and Brother Arrested for Possession of Heroin

2023: Time For Peter Obi To Drop Idealism And Face Reality

2023: Time For Peter Obi To Drop Idealism And Face Reality

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Tems and American Producer, ATL Lock Horns Over ‘Wait For U’ Music

Tems and American Producer, ATL Lock Horns Over ‘Wait For U’ Music

2 years ago
EU rejects Poland and Hungary’s bans on Ukraine grain

EU rejects Poland and Hungary’s bans on Ukraine grain

3 years ago
Tottenham End 17-Season Dry Spell Taking Europa League Trophy From Manchester United

Tottenham End 17-Season Dry Spell Taking Europa League Trophy From Manchester United

5 months ago
Cameroon discovers potential Marburg infections near Equatorial Guinea.

Cameroon discovers potential Marburg infections near Equatorial Guinea.

3 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Who’s Paying for Trump’s $300 Million Ballroom?

Psychologist’s Grave Warning About Trump

“I Am Not Done”: Kamala Harris Hints at 2028 Run, Defining Her Post-Presidency Path

Louvre Evacuates Jewels to Bank After Security Failure

Shina Peters Details Bizarre Plan That Helped Him Rebuild His Reputation

Sunderland​‍​‌‍​‍‌ Stun Chelsea with Late Winner to Climb Second in Premier League

Trending

Manchester United Hit Four Past Brighton to Seal Third Straight Premier League Win
Sports

Manchester United Hit Four Past Brighton to Seal Third Straight Premier League Win

byHashim Kolawole
October 25, 2025
0

Manchester​‍​‌‍​‍‌ United kept the good vibe going with Ruben Amorim by winning 4-2 against Brighton at Old...

Mystery Donor Gives $130M to Pentagon for Troops' Pay, Sparking Backlash

Mystery Donor Gives $130M to Pentagon for Troops’ Pay, Sparking Backlash

October 25, 2025
“We Want to Breathe”: Hundreds March in Tunis Over Worsening Pollution Crisis

“We Want to Breathe”: Hundreds March in Tunis Over Worsening Pollution Crisis

October 25, 2025
Who’s Paying for Trump’s $300 Million Ballroom?

Who’s Paying for Trump’s $300 Million Ballroom?

October 25, 2025
Psychologist’s Grave Warning About Trump

Psychologist’s Grave Warning About Trump

October 25, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Manchester United Hit Four Past Brighton to Seal Third Straight Premier League Win
  • Mystery Donor Gives $130M to Pentagon for Troops’ Pay, Sparking Backlash
  • “We Want to Breathe”: Hundreds March in Tunis Over Worsening Pollution Crisis

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com