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