The Central Bank of Nigeria plans to release an implementation roadmap for Open Banking within three months, targeting the resolution of technical gaps in the nation’s financial ecosystem.
This information was highlighted in the newly published CBN Fintech Report 2025, which details recent developments in the fintech sector.
Recall, the CBN introduced its Open Banking Framework in a February 2021 circular, with operational guidelines issued in 2023. The framework set out rules for data sharing within the banking and payments ecosystem, covering API and data access requirements, technical design standards, and information security protocols, according to The Punch.
However, the CBN noted that technical gaps have hindered the adoption of open data standards.
To tackle this, the regulator is now focusing on the implementation of technical protocols.
In the section on policy options and institutional pathways, the report stated, “Ensure the timely rollout of Nigeria’s open banking protocols, including technical standards, governance structures, and dispute resolution mechanisms. Prioritise consumer awareness and financial education to build trust and uptake.”
In the annex, which outlined action points for policy implementation, the CBN highlighted a phased approach, with immediate priorities for the first 0–3 months, including, “Establish Fintech Engagement Forum under CBN leadership. Issue an implementation roadmap for Open Banking and initiate industry sensitisation. Begin technical scoping for the Single Regulatory Window and Smart Licensing Gateway.
Coordinate a cross-agency review of PSB lending restrictions and digital ID access, with a shift in emphasis towards them. Digital bank authorisation frameworks over PSB expansion.”
For phase 2, which are near-term reforms (3-9 months), the actions expected to be taken include launching a pilot cohort for Regulatory Sandbox 2.0, incorporating AI and RegTech use cases.
Operationalising the Fintech Credit Guarantee Window in collaboration with development finance institutions. Issuing guidance on data portability and consumer protection under Open Finance.
Phase 3: Institutionalisation and Scale (9–18 months): Some of the actions are to formalise the Fintech Advisory Council to oversee implementation and course correction. Launch the Regulatory Engagement Platform and public calendar of consultations. Embed supervisory analytics and early-warning tools through SupTech pilots and participate in ECOWAS and AU regulatory alignment forums to shape continental norms.
Open banking has been steadily gaining momentum globally in recent years.
The European Union’s Revised Payment Services Directive (PSD2) has emerged as a key benchmark, showing how mandating secure data sharing between banks and third-party fintechs can drive competition and foster innovation.
