Nigeria wants banks, startups, and retailers to share customer data ...Middle East

Quartz - Economy

In a draft document that became public on May 18, the Central Bank of Nigeria (CBN) proposed guidelines that would usher in an ‘open banking‘ era in the country, a key step in creating a standard for how companies exchange digital financial data belonging to consumers.Most notably adopted in the UK, open banking is the idea that the easy exchange of consumer data between financial and non-financial companies, with consumers’ consent, is necessary to create more useful and competitive consumer services. Data is exchanged through application programming interfaces (APIs)—software programs that act as digital plugs for requesting and transferring data.More services would invite more people into

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Last updated : 19 May 2022 clock 05:40 PM

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Nigeria wants banks, startups, and retailers to share customer data ...Middle East

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