EY helps develop Open Banking in Nigeria

August 19, 2019 | Open Banking

Written by FinTech Alliance

EY helps develop Open Banking in Nigeria

Global consultancy EY is throwing its weight behind efforts to promote Open Banking in Nigeria.

In Brief: 

  • EY has partnered with Open Banking Nigeria to help standardise APIs. 
  • Open Banking Nigeria is based in Lagos and is part of the Open Banking Technology Foundation.
  • It is hoped the organisations’ efforts will improve the management of financial data.

What does this mean?

FinTech in Nigeria has seen rapid growth with banks making it a top priority due to the improved financial inclusion proffered open APIs. In 2018, a GSM report on investment in Sub-Saharan Africa showed investment in FinTechs had almost quadrupled to $357mn, with Kenya, Nigeria and South Africa takin the largest share.

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