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Registry of participants, customers’ consent… CBN issues guidelines for open banking

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The Central Bank of Nigeria (CBN) has issued operational guidelines for open banking in the country.

This is contained in a circular dated March 7, 2023, and signed by Musa Jimoh, director of payments system management department.

Open banking is the sharing of financial information electronically, securely, and only under conditions that customers approve of it.

It enables third-party developers to build applications and services around the financial institution, particularly the banks that hold customer data.

The CBN said it developed the guidelines in collaboration with industry stakeholders.

“The adoption of Open Banking in Nigeria will foster customer permissioned data between banks and third-party firms to enable the building of customer-focused products and services,” the circular reads.

“It also aims to enhance efficiency, competition and access to financial services in Nigeria.

“All stakeholders are required to ensure strict compliance with the guidelines and all other regulations, as the CBN continues to monitor developments and issue guidance as may be appropriate.”

The CBN guidelines specified the responsibilities of different entities participating in open banking as well as the processes involved in the chain of exchange.

“Entities participating in Open banking shall be categorised based on the following roles. Participants shall assume a role depending on the services:
i. API Provider (AP): This refers to a participant that uses API to avail data or service to another participant. An API Provider can be a licensed financial institution/service provider, a Fast-Moving Consumer Goods (FMCG) Company or other retailers, Payroll Service Bureau etc,” the apex bank said.

“ii. API Consumer (AC): This refers to a participant that uses API released by the (API) providers to access data or service. An API Consumer can be a licensed financial institution/service provider, an FMCG or other retailers, Payroll Service Bureau etc.

”iii. Customer: This refers to the data owner that shall be required to provide consent for release of data for the purpose of accessing financial services.”

The CBN also said it would provide and maintain an open banking registry (OBR) for the industry.

It said the OBR would be a public repository for details of registered participants.

The CBN said the OBR would be maintained for the purpose of providing regulatory oversight on participants, enhancing transparency in the operations of open banking and ensuring that only registered institutions operate in the ecosystem.

“Each participant shall be identified by its CAC business registration number, which shall be the unique key across the OBR system,” The CBN said.

“The OBR shall maintain an API interface, defined within these guidelines, which shall serve as the primary means by which API (Application Programming Interface) providers manage the registration of their API consumers.”

The apex bank said customers would be required to provide explicit consent for the use of their data.

It said customers’ consent should be obtained in the same form the agreement was presented and a copy of the consent of the customer shall be made available to the customer and preserved by the participant.

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Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

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The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

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Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

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The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

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Allegation of missing fund untrue, says Access Bank

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Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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