The Central Bank of Nigeria (CBN) has clarified that open banking in Nigeria has not yet gone live, contrary to earlier expectations of an August 2025 rollout.
Speaking during a panel session at Moonshot by TechCabal, Chai Gang, Deputy Director of the CBN’s Payment Systems Policy Department, said the apex bank is still finalising key frameworks to ensure a secure and efficient implementation.
“Open banking hasn’t gone live yet,” Gang said. “We’ve put together a governance structure and are developing a standardised API template. It will happen soon.”
He explained that while operational guidelines were issued in March 2023, technical and regulatory preparations are still ongoing. No new launch date has been announced.
Gang stressed that data protection and customer consent remain at the core of the initiative. “We must be careful who has access to customers’ personal data,” he said. “Customers will always know what data is being used, for how long, and can revoke permission at any time.”
Under the upcoming framework, licensed financial institutions and third-party providers will be able to share customer-approved data securely through APIs, a move expected to spur innovation, expand access to credit, and strengthen digital financial inclusion.
Gang added that accountability for data breaches will be clearly defined. “Liability lies with whoever loses the data,” he said. “Data at rest or in flight must be protected, and whoever fails to do so bears responsibility.”
He further emphasised that the open banking ecosystem will operate on equal terms for all stakeholders, not just banks. “Decision-making must be fair and inclusive,” he noted.
The CBN, he said, is also examining how virtual assets — including stablecoins — fit into Nigeria’s financial system. While acknowledging their growing use, Gang cautioned that dollar-denominated stablecoins could pose risks to monetary policy if adopted widely for retail transactions.
“The CBN is working with the SEC and other agencies to assess the impact of these innovations,” he said. “These are important conversations that must happen as we modernise Nigeria’s financial ecosystem.”
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