CBN Sets the Clock Ticking: Open Banking Roadmap to Drop in 90 Days
The Central Bank of Nigeria (CBN) has announced that it will release a clear implementation roadmap for Open Banking within the next three months. This move is aimed at fixing lingering technical gaps that have slowed down the adoption of open banking across Nigeria’s financial system.
What this announcement is really about
Open banking allows banks and licensed fintechs to securely share customer-permitted data through APIs. The idea is to improve competition, innovation, and customer experience across financial services. Although Nigeria already has an Open Banking Framework, actual implementation has been slower than expected due to technical and coordination challenges.
Why the roadmap matters now
The Open Banking Framework was first issued in 2021, with detailed operational guidelines released in 2023. Despite this, the CBN admits that technical gaps have delayed widespread adoption. The upcoming roadmap is meant to move the conversation from policy to execution by clearly stating timelines, standards, and responsibilities.
CBN’s immediate priorities (next three months)
Within this short window, the regulator plans to:
• Set up a Fintech Engagement Forum under CBN leadership to improve coordination with industry players
• Officially issue the Open Banking implementation roadmap and begin industry-wide sensitisation
• Start technical groundwork for a Single Regulatory Window and a Smart Licensing Gateway
• Review payment service bank (PSB) lending restrictions and digital ID access, with more focus on digital banking licences rather than expanding PSBs
What comes next after the roadmap
In the medium term, the CBN plans to deepen reforms by:
• Launching Regulatory Sandbox 2.0, including AI and RegTech use cases
• Activating a Fintech Credit Guarantee Window with development finance institutions
• Issuing clearer rules on data portability and consumer protection under Open Finance
• Holding regulatory passporting talks with countries like Ghana, Kenya, and Senegal
Longer-term plans include institutionalising fintech governance, rolling out advanced supervisory tools, and aligning Nigeria’s regulations with ECOWAS and African Union frameworks.
Why fintechs are paying close attention
According to a recent ecosystem survey cited in the report, one in four fintech executives sees open banking APIs as the single most critical infrastructure for future growth. This highlights how central open banking is to scaling digital finance in Nigeria.
The bigger picture
The report also shows that Nigerian fintechs are becoming more ambitious globally, with over 60 per cent planning regional expansion. To support this, the CBN is developing a Regulatory Passporting Programme to reduce duplicate licensing across African markets.
At the same time, the regulator is shifting its strategy on financial inclusion. Instead of stretching PSBs beyond their original scope, the focus is moving toward dedicated digital banking licences that can better support credit and savings for underserved groups.
Trust, technology, and investor confidence
Artificial intelligence is playing a major role behind the scenes, with nearly 90 per cent of Nigerian fintechs using AI mainly for fraud detection. This emphasis on integrity aligns with Nigeria’s recent exit from the FATF grey list, a development the CBN believes will boost investor confidence and reduce reputational risk in digital finance.
The Central Bank of Nigeria (CBN) has announced that it will release a clear implementation roadmap for Open Banking within the next three months. This move is aimed at fixing lingering technical gaps that have slowed down the adoption of open banking across Nigeria’s financial system.
What this announcement is really about
Open banking allows banks and licensed fintechs to securely share customer-permitted data through APIs. The idea is to improve competition, innovation, and customer experience across financial services. Although Nigeria already has an Open Banking Framework, actual implementation has been slower than expected due to technical and coordination challenges.
Why the roadmap matters now
The Open Banking Framework was first issued in 2021, with detailed operational guidelines released in 2023. Despite this, the CBN admits that technical gaps have delayed widespread adoption. The upcoming roadmap is meant to move the conversation from policy to execution by clearly stating timelines, standards, and responsibilities.
CBN’s immediate priorities (next three months)
Within this short window, the regulator plans to:
• Set up a Fintech Engagement Forum under CBN leadership to improve coordination with industry players
• Officially issue the Open Banking implementation roadmap and begin industry-wide sensitisation
• Start technical groundwork for a Single Regulatory Window and a Smart Licensing Gateway
• Review payment service bank (PSB) lending restrictions and digital ID access, with more focus on digital banking licences rather than expanding PSBs
What comes next after the roadmap
In the medium term, the CBN plans to deepen reforms by:
• Launching Regulatory Sandbox 2.0, including AI and RegTech use cases
• Activating a Fintech Credit Guarantee Window with development finance institutions
• Issuing clearer rules on data portability and consumer protection under Open Finance
• Holding regulatory passporting talks with countries like Ghana, Kenya, and Senegal
Longer-term plans include institutionalising fintech governance, rolling out advanced supervisory tools, and aligning Nigeria’s regulations with ECOWAS and African Union frameworks.
Why fintechs are paying close attention
According to a recent ecosystem survey cited in the report, one in four fintech executives sees open banking APIs as the single most critical infrastructure for future growth. This highlights how central open banking is to scaling digital finance in Nigeria.
The bigger picture
The report also shows that Nigerian fintechs are becoming more ambitious globally, with over 60 per cent planning regional expansion. To support this, the CBN is developing a Regulatory Passporting Programme to reduce duplicate licensing across African markets.
At the same time, the regulator is shifting its strategy on financial inclusion. Instead of stretching PSBs beyond their original scope, the focus is moving toward dedicated digital banking licences that can better support credit and savings for underserved groups.
Trust, technology, and investor confidence
Artificial intelligence is playing a major role behind the scenes, with nearly 90 per cent of Nigerian fintechs using AI mainly for fraud detection. This emphasis on integrity aligns with Nigeria’s recent exit from the FATF grey list, a development the CBN believes will boost investor confidence and reduce reputational risk in digital finance.