The case for open banking in Nigeria

Overview

Nigerian financial service providers have made huge strides in digital transformation in recent years. They have invested heavily in new technologies that help them serve their customers better while making sure they have the risk management, cybersecurity and governance practices in place so they can successfully execute on their innovation plans.

Amidst all of that progress, several forces are combining to take the innovation push to the next level. Competition is increasing as technology players of all sizes seek to make their mark in the financial services industry. Consumers who have come to appreciate the added convenience of digital services in many aspects of their lives, are now expecting similar experiences from their banks. Also, with concerns about privacy breaches on the rise, consumers are now looking for more control over their own data.

Open Banking lets customers have increased control over their data while supporting the innovation everyone yearns to see more of.

This publication explores open banking in detail, including what it is, what it means for the various players in the financial services ecosystem and what the opportunities and path forward could look like. PwC has taken the lead globally in conversations around Open Banking and has now partnered with Open Banking Foundation Nigeria to take this forward in Nigeria and across West Africa.