CBN Issues Fresh Directive To Banks Amid Controversies On Naira Policy

• The Central Bank of Nigeria has issued new guidelines to banks to promote transparency in the banking system.

• The guidelines require customers’ consent before their data can be obtained for open banking products and services.

• The CBN hopes the guidelines will expand the range of financial products and services available to bank customers.

EKO HOT BLOG reports that the Central Bank of Nigeria (CBN), on Wednesday, issued a fresh directive to banks in a bid to promote transparency in the banking system.

The latest operational guidelines from the CBN are coming amid controversies surrounding the apex bank’s Naira redesign and cash swap policy which received backlash from Nigerians after sad experiences the citizens.

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The CBN, however, issued guidelines which establish principles for data sharing across banking and payment systems. In the guidelines, the apex bank promised to provide and maintain an Open Banking Registry to make available regulatory oversight on participants, enhance transparency and regulate operators within the open banking ecosystem.

The CBN’s Director of the Payments System Management Department, Musa Jimoh, noted on Wednesday that the guidelines were in furtherance of the bank’s mandate to stabilise the financial system.

According to him, the guidelines also stipulate Consent Management, whereby customers’ consent is required before their data can be obtained for open banking products and services, among others.

Jimoh added that the guidelines were also pursuant to the bank’s role in deepening the financial system.

“The adoption of open banking in Nigeria will foster the sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services.

“It is also aimed at enhancing efficiency, competition, and access to financial services,’’ the bank official noted.

Jimoh urged stakeholders to strictly comply with the guidelines and other regulations as they were meant to promote innovations and broaden the range of financial products and services available to bank customers.

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“The guidelines apply to banking and other related financial services as categorised and determined by the apex bank in the regulatory framework for open banking in Nigeria,’’ he stressed.

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