Nigeria’s Central Bank (CBN) has approved the launch of open banking, requiring banks to start sharing customer data with other regulated financial institutions starting August 2025, according to a Tech Cabal report.

Nigeria is the first African country to implement open banking — a major shift in how financial data is accessed and shared — four years after the CBN released its regulatory framework.

Access to rich banking data from Nigeria’s 120 million account holders could transform financial services — especially lending.

Initial plans to centralise open banking under the Nigerian Interbank Settlement System (NIBSS) were met with resistance from the banking sector.

The CBN responded by setting up independent oversight committees, made up of financial sector professionals — without direct CBN control.

Fintechs have long offered credit using limited data, often leading to risky loans and aggressive recovery tactics.

With open banking, lenders can access more accurate customer data to build proper credit profiles — and potentially launch Nigeria’s first reliable credit scoring system.

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