Nigeria’s Open Banking Launch Faces Indefinite Delay: Here’s Why
Nigeria’s vibrant financial technology landscape has been eagerly anticipating the official rollout of Open Banking, a transformative system poised to revolutionize how citizens interact with financial services. However, the much-awaited launch, initially projected for August 2025, has now been indefinitely postponed. This significant development was confirmed by Chai Gang, the Deputy Director for Payments Systems Policy at the Central Bank of Nigeria (CBN), during a compelling panel discussion at TechCabal’s Moonshot event, shedding light on the strategic reasons behind the delay in this critical digital finance initiative for the West African nation.
Prioritizing Stability and Governance Over Hasty Implementation in Nigeria’s Financial Ecosystem
Chai Gang clarified that while the essential regulatory framework for Open Banking in Nigeria is firmly established, the operational system itself is not yet live. The CBN, rather than rushing towards a potentially vulnerable implementation, has dedicated the past several months to meticulously constructing a robust governance structure. This strategic approach also includes the formation of a diverse stakeholder working group, a collaborative effort designed to gather insights from various players within the financial ecosystem. This deliberate, cautious process is deemed absolutely critical by the CBN. The primary objective is to guarantee the security, stability, and widespread acceptance of Open Banking across Nigeria’s entire financial landscape. This foundational work aims to ensure that when the system eventually goes live, it will seamlessly and safely transform how Nigerians access and manage their financial services, fostering trust and enabling sustainable growth in the digital economy. The insights from this critical dialogue were shared during a session featuring Chai Gang alongside Tunde Ogundipe, CEO of E-doc Online, and moderated by senior tech journalist Frank Eleanya.
Ultimately, the Central Bank of Nigeria’s decision to delay the launch underscores a profound commitment to building a secure and resilient digital financial infrastructure. While the indefinite postponement of Open Banking might test the patience of some in the burgeoning Nigerian fintech scene, the CBN’s emphasis on laying down a solid, well-governed foundation is a pragmatic step. This careful preparation is essential to prevent future vulnerabilities and to ensure that when Open Banking finally becomes operational, it delivers on its promise of transforming Nigeria’s financial sector with security, inclusivity, and long-term success.
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