The Central Bank of Nigeria (CBN) has clarified that the much-anticipated open banking system is yet to go live, though significant progress is being made toward its rollout.
The Deputy Director at the CBN’s Payments Systems Policy Department, Chai Gang, disclosed this during a panel discussion at Moonshot by TechCabal.
He explained that while the initial target was August 2025, the apex bank is still finalising key technical and governance structures needed to ensure a safe and efficient system.
“Open banking hasn’t gone live yet,” Gang said. “We’ve established the governance structure and are developing a standardized API template. It will happen soon.”
The CBN had issued operational guidelines for open banking in March 2023, but according to Gang, work continues on refining the framework to protect customer data and strengthen regulatory oversight before the full implementation.
“There are both the guidelines and the framework for open banking in Nigeria,” he said. “But we must ensure that access to customers’ personal data is strictly controlled.”
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Open banking will allow licensed financial institutions and third-party providers to securely share customer-approved data through Application Programming Interfaces (APIs).
Once operational, the initiative is expected to spur innovation in digital finance, enhance credit access, and deepen financial inclusion across the country.
“One of the strongest foundations of open banking is customer consent,” Gang added. “We’re building an automated system to ensure customers understand what data is shared, for how long, and can revoke permission whenever they choose.”
He further emphasised that when the system becomes fully operational, clear accountability will be established for data breaches.
“Liability lies with whoever loses the data,” he said. “Data, whether at rest or in transit, must be protected—and whoever fails in that responsibility will be held accountable.”
Gang noted that licensed operators will face penalties for breaches involving customer information, while unlicensed entities will only have access to anonymised datasets under strict controls.
He also highlighted the need for inclusivity in decision-making within the open banking ecosystem, stressing that it must not be dominated by traditional banks. “If you leave it to the banks alone, it will be difficult. It has to be fair to all players,” he said.
The CBN, he revealed, is also assessing how virtual assets such as stablecoins fit into Nigeria’s evolving financial framework. “We are not unaware that virtual assets, especially stablecoins, are already being used in the country,” he said.
However, he cautioned that widespread use of dollar-denominated stablecoins could impact monetary policy. “We are working with the Securities and Exchange Commission (SEC) and other agencies to understand the implications. These are necessary conversations,” he added.
