CBN’s Chai Gang on Open Banking: Still in the Works
Nigeria’s open banking initiative, initially eyed for an August 2025 launch, faces delays, according to the Central Bank of Nigeria (CBN). Despite the anticipation surrounding the policy, the CBN is actively working on the foundational elements required for a safe and effective system. This update was provided by Chai Gang, Deputy Director at the CBN’s Payments Systems Policy Department, during a panel discussion at Moonshot by TechCabal.
Building the Foundation: Governance and Standardization
Gang confirmed that open banking in Nigeria has not yet launched. The CBN’s focus is currently on establishing a robust governance framework and creating a standardized API template. These efforts are crucial for ensuring the security and functionality of the open banking ecosystem. The CBN aims to have these structures in place before a wider rollout. While the CBN released operational guidelines for open banking in March 2023, the practical implementation has been slowed due to the technical and regulatory complexities involved. Tunde Ogundipe, CEO of E-doc Online, an open banking data infrastructure platform for emerging markets, also participated in the panel session, highlighting the collaborative approach to this critical financial infrastructure development.
The CBN, however, did not announce a new launch date, indicating that the timing of the initiative’s full implementation is still under consideration. The progress underscores the commitment of the CBN towards modernizing Nigeria’s financial landscape.
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