The Central Bank of Nigeria (CBN) has revealed plans to issue an implementation roadmap for Open Banking within three months.
This was disclosed in the newly released CBN Fintech Report 2025, which captured activities in the fintech sector.
The roadmap aims to bridge technical gaps in the country’s financial ecosystem.
In a February 2021 circular, the apex bank issued the Open Banking Framework, supported by operational guidelines in 2023. The framework established principles for data sharing across the banking and payments ecosystem, data and Application Programming Interface access requirements, and principles for API, data, technical design and information security specifications.
Although the framework was set in 2023, the CBN notes that technical gaps have delayed open data standards adoption.
The report stated, “Ensure the timely rollout of Nigeria’s open banking protocols, including technical standards, governance structures, and dispute resolution mechanisms. Prioritise consumer awareness and financial education to build trust and uptake.”
In the annexe, which focused on action points for policy implementation, the CBN indicated a phased approach with immediate priorities for (0-3 months) comprising “Establish Fintech Engagement Forum under CBN leadership. Issue an implementation roadmap for Open Banking and initiate industry sensitisation. Begin technical scoping for the Single Regulatory Window and Smart Licensing Gateway, coordinate a cross-agency review of PSB lending restrictions and digital ID access, with a shift in emphasis towards them. Digital bank authorisation frameworks over PSB expansion.”
For phase 2, which are near-term reforms (3-9 months), the actions expected to be taken include launching a pilot cohort for Regulatory Sandbox 2.0, including AI and RegTech use cases. Operationalise the Fintech Credit Guarantee Window in collaboration with DFIs. Issue guidance on data portability and consumer protection under Open Finance. Initiate bilateral consultations on regulatory passporting (Ghana, Kenya, and Senegal).”
Under Phase 3, Institutionalisation and Scale (9–18 months), some of the actions are to formalise the Fintech Advisory Council to oversee implementation and course correction, launch the Regulatory Engagement Platform and public calendar of consultations, embed supervisory analytics and early-warning tools through SupTech pilots and participate in ECOWAS and AU regulatory alignment forums to shape continental norms.
A recent ecosystem survey showed that 25 per cent of fintech executives identified open banking APIs as the single most critical digital infrastructure for their future growth.l, hence the urgency of the reform.
Open banking has been gaining traction on the global stage in recent years. The European Union’s Revised Payment Services Directive has become a global benchmark, demonstrating how mandating secure data sharing between banks and third-party fintechs can spur competition and innovation.
This model of open banking is now being adopted or adapted in jurisdictions worldwide, including Australia, Brazil and Canada, creating a global movement towards more interconnected financial ecosystems.
Beyond domestic data integration, the report highlighted a significant surge in cross-border ambition, revealing that 62.5 per cent of Nigerian fintech firms are now planning regional expansion. To support this drive, the CBN is introducing a Regulatory Passporting Programme, which seeks mutual licence recognition through bilateral agreements with peer regulators in countries like Ghana, Kenya, and South Africa. This framework is intended to streamline the scaling process for Nigerian firms by reducing duplicative compliance burdens across different African jurisdictions.
The CBN is also re-evaluating its approach to inclusive credit delivery. Rather than simply expanding the lending mandates of payment service banks, the regulator is shifting its focus toward authorising a dedicated digital banking licence. This model is viewed as a more scalable pathway for new entrants to offer credit and savings services to underserved populations while maintaining robust risk oversight.
To safeguard these advancements, the report emphasised that artificial intelligence has become an essential defensive shield within the industry. Currently, 87.5 per cent of Nigerian fintech companies utilise AI primarily for fraud detection, addressing what stakeholders describe as a “big issue” in the sector.
This technological push for integrity complements broader national reforms that recently led to Nigeria’s successful exit from the FATF “grey list”, a milestone the CBN believes will restore international investor confidence and reduce the “reputational burden” of digital financial crime.
