CBN to Launch Open Banking Roadmap in Three Months to Boost Nigeria’s Fintech Ecosystem
The Central Bank of Nigeria (CBN) has announced that it will issue an implementation roadmap for Open Banking within the next three months, marking a major step toward bridging technical gaps in the country’s financial ecosystem. The announcement, highlighted in the CBN Fintech Report 2025, signals the regulator’s renewed focus on standardising data sharing across banks, fintechs, and payment providers.
Open Banking, initially framed by the CBN in 2021 and supported with operational guidelines in 2023, sets out principles for secure data sharing, API access, and technical standards for the financial sector. Despite these early frameworks, the adoption of open data standards has been slow due to unresolved technical challenges. The new roadmap will prioritise technical protocol rollout, governance structures, and consumer education to build trust and uptake among Nigerians.
The CBN plans a phased implementation approach. Immediate priorities (0–3 months) include establishing a Fintech Engagement Forum, issuing the Open Banking roadmap, and starting industry sensitisation. In the near term (3–9 months), the regulator will pilot Regulatory Sandbox 2.0, operationalise the Fintech Credit Guarantee Window, and introduce guidance on data portability and consumer protection under Open Finance. Longer-term actions (9–18 months) involve institutionalising the Fintech Advisory Council, launching a Regulatory Engagement Platform, and embedding AI-powered supervisory tools to safeguard the sector.
The urgency of these reforms is underlined by a recent survey showing that 25% of fintech executives consider open banking APIs as the most critical digital infrastructure for growth. Globally, open banking has boosted competition and innovation, with regions like the EU, Australia, Brazil, and Canada adopting similar frameworks. Nigeria’s roadmap also reflects growing cross-border ambitions, with 62.5% of fintech firms planning regional expansion. To support this, the CBN is introducing a Regulatory Passporting Programme to simplify compliance and licensing across African jurisdictions.
Beyond technical upgrades, the CBN is rethinking credit access. Rather than expanding mandates for payment service banks, the focus will shift to dedicated digital banking licences, enabling fintechs to deliver credit and savings to underserved populations safely. Artificial intelligence will play a crucial role, with 87.5% of fintechs already using AI for fraud detection. These reforms, alongside Nigeria’s recent exit from the FATF “grey list,” are expected to boost investor confidence and reinforce the country’s digital financial infrastructure.
source: punch