Nigeria’s much-anticipated open banking system is yet to go live, the Central Bank of Nigeria (CBN) has confirmed, despite earlier expectations of a rollout in August 2025. The regulator said work is ongoing to establish the necessary governance framework and standardised APIs to ensure a secure and functional ecosystem.
Speaking at the Moonshot event hosted by TechCabal, Chai Gang, Deputy Director at the CBN’s Payments Systems Policy Department, emphasised that the system remains under development.
“Open banking hasn’t gone live yet,” Gang said. “We’ve put together a governance structure and are building a standardised API template. It will happen soon.”
The CBN issued operational guidelines for open banking in March 2023, setting the foundation for financial institutions and third-party providers to share customer-approved data through secure APIs. However, technical and regulatory work is still ongoing, and no new launch date has been announced.
Gang highlighted the importance of customer data protection in the open banking ecosystem. “We must be careful who has access to customers’ personal data,” he said. “One of the strongest foundations for open banking is customer consent. We are building an automated process to ensure customers know what data is used, for how long, and can revoke permission anytime.”
He added that accountability will be clearly defined once the system is live. Licensed operators will bear responsibility for any breaches involving customer data, while unlicensed entities will only handle anonymised information, subject to strict safeguards. “Liability lies with whoever loses the data. Data at rest or in flight must be protected, and whoever fails to do so bears responsibility,” Gang noted.
The regulator also stressed the need for fairness and inclusivity in the open banking ecosystem. “If you leave it to the banks, it will be very difficult. It has to be on an equal footing for all players,” he said.
In addition to open banking, the CBN is reviewing the role of virtual assets, including stablecoins, in Nigeria’s financial system. Gang acknowledged the growing use of dollar-denominated stablecoins in the country, cautioning that widespread adoption could impact monetary policy. He said the bank is collaborating with agencies such as the Securities and Exchange Commission (SEC) to assess potential effects.
“These are conversations that need to happen,” he added, signalling a cautious but open approach to emerging digital financial innovations.