🌍
Jurisdiction
Nigeria
📅
Effective Date
2021
Feb 1, 2021
✅
Full Compliance
2024
Mar 1, 2024
🏛️
Regulator
Central Bank of Nigeria
Overview
Nigeria's Open Banking framework establishes guidelines for data sharing between financial institutions and authorized third parties. It defines four data categories: PIST (Product Information and Service Touchpoints), MIT (Market Insight Transactions), PIFT (Personal Information and Financial Transaction), and PAST (Profile, Analytics, and Scoring Transaction).
Scope & Coverage
AISPISPISTMITPIFTPAST
Key Requirements
1
API provider registration2
Four-tier data classification (PIST, MIT, PIFT, PAST)3
Security standards4
Consumer consentImplementation Timeline
Mar 1, 2018
Work on Open Banking in Nigeria started
Feb 1, 2021
Regulatory Framework for Open Banking published by CBN
API Specifications
Technical standards and API specifications for implementing Nigeria Open Banking:
Official Documents & Resources
Key Notes
Africa's largest economy implementing Open Banking. Covers payments, credit, deposits, treasury, mortgages, and credit scoring.
Official Resources
Related Regulations
Other open banking frameworks in Africa:
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