Open banking is advancing in Africa, driven by digital transformation and its potential to improve financial inclusion by integrating third-party applications with traditional financial institutions. Nigeria is witnessing a dynamic phase in this evolution, with the Central Bank of Nigeria mandating banks to open their APIs to foster innovation and enhance the transparency, efficiency, and accessibility of financial services. This regulatory move aims to leverage Nigeria's high mobile penetration and large population to expand and enhance financial solutions.

In view of the mandate for Open Banking being announced by the Nigerian Central Bank back in March '23, Fiorano & Inlaks hosted an in-person event with banks from across the country in Lagos on 12th July to present the expectations, opportunities, and challenges of embracing Open Banking. Central Bank of Nigeria was also represented at the event, where Mr. Chika Ugwueze, Assistant Director of the Payments System Management Department at the apex bank, addressed the audience.