The document, released yesterday, could potentially increase customers’ concerns about data safety, privacy and management. But the guidelines, in principle, encapsulate a robust framework for ensuring the consumers are protected.
“The Regulatory Framework for Open Banking in Nigeria established principles for data sharing across the banking and payments system to promote innovations and broaden the range of financial products and services available to bank customers. As a result, open banking recognises the ownership and control of data by customers of financial and non-financial services, and their right to grant authorisations to service providers to access innovative financial products and services.
According to the document, OBR would provide regulatory oversight on participants, enhance transparency in the operations of OB and ensure that only registered institutions operate in the ecosystem. On data governance, the regulation states: “The Bank shall provide data oversight and governance for open banking information assets for participants in the open banking arrangement to ensure compliance with relevant legal and regulatory provisions.