Overview
Open Banking is a framework that allows secure sharing of financial information through an Application Programming Interface (API) among authorised third-party developers.
Nigeria can be credited as one of the earliest African countries to formally regulate open banking through a central bank-driven framework and API standards, beginning with the CBN's Regulatory Framework for Open Banking in Nigeria in February 2021 and later operationalised through the CBN's Operational Guidelines for Open Banking in Nigeria 2023.
This insight examines emerging liability hotspots within Nigeria's open banking ecosystem, focusing on contractual privity in multi-party API relationships, responsibility for data breaches, and the adequacy of existing dispute resolution mechanisms.
