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As part of the efforts to deepen the Nigeria’s open banking ecosystem, the central bank of Nigeria (CBN) has announced work in progress to standardize the programming programming interfaces (API) in the financial services sector.
This move aims to guarantee processes for sharing safe, consistent and interoperable data between banks and third -party financial technologies suppliers.
Speaking in the second quarter of the regulatory forum organized by Fintechngr recently held in Lagos, the director of the CBN of the payment system system, Musa Jimoh, has revealed that the Apex bank is developing a unified standard API to simplify the way in which the Fintech companies interact with multiple banks.
Theme “Beyond compliance: unlocking innovation with the Nigeria’s open banking framework”, the event collected the main parts affected by the financial and technological sectors.
“We are developing a unified standard so that if a Fintech requires a balance of the account in a bank, it works in the same way in all banks,” Jimh said. “This eliminates the integration headache and makes the system more efficient.”
According to Jimoh, the effort of standardization will not only reduce the complexity for developers and financial services providers, but also strengthen data security and will guarantee uniform compliance with regulatory requirements.
He also stressed that while Open Banking offers significant opportunities for innovation and financial inclusion, it also opens new vulnerabilities that IT criminals could exploit.
He urged the financial institutions to give priority to data protection by investing in solid IT security measures.
“Open Banking provides for the exchange of sensitive data to customers with third party suppliers, and this must be done under hermetic security,” said Jimoh. “All over the world, we have seen how data violations can cause catastrophic losses. Open banking activities must not become an open door for cyber criminals.”
According to him, the very essence of Open Banking is giving third party access to the information on the account of a customer, with the customer’s consent. Therefore, institutions should not only protect such data, but also guarantee that customers fully understand what they are consenting to.
Jimh underlined the importance of customer education, warning that cyber criminals can try to exploit ignorance by inducing customers to share sensitive information on the pretext of registering in the open banking sector.
“We don’t want a situation in which criminals send fraudulent messages that say:” Send your PIN to join the open banks, “he warned.” There must be a huge effort to raise awareness by all financial services providers. “
He stressed that the security, privacy and consumer protection are the three pillars of an open success banking system. The institutions, he said, must simplify consent processes and ensure that customers are never deceived on what they are accepting to share.
Nigeria became the first African country to establish a formal open banking regime following the release of the CBN operating banking guidelines on 7 March 2023.
The guidelines define as banks and third authorized parties can safely access and manage the data permissable for customers via API.
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Fidelity Bank affects the N1TRN market capitalization after increasing actions prices
By Amaka Ifeakandu
Lagos
The market capitalization of the Fidelity Bank has crossed the n1 trillion brands since the value of the shares of the company appreciated 1.27 percent when the trading is closed.
The NG cable reports that the Nigerian Exchange Group (NGX) data showed that the bank’s capitalization of the bank has affected the trilioni n1 after its actions price increased from N19.75 Tuesday to N20 Wednesday.
The increase has moved the evaluation of the company from n991.6 billion to n1 trillion.
With the development, Fidelity Bank joins the list of financial institutions with a market capitalization of over N1 trillion.
The companies are Zenith Bank, Access Bank, United Bank of Africa (UBA), Guarantery Trust Bank (GTB) and First Bank.
On May 21, Nneka Onyeali-Ikpe, CEO (MD) and CEO (CEO) of Fidelity Bank, acquired an additional 18 million bank shares.
Two days later, Onyeali-Ikpe purchased an additional 2 million units of bank shares.
According to a regulatory deposit on the NGX, the shares were acquired on May 22, at N18.6 each, equal to a total value of N37.2 million.
The acquisitions have increased its share participation in the bank to 114.64 million shares – from 94.64 million detained at 31 December 2024.
In his latest report on financial performance, Fidelity Bank said he had recorded an increase in the profit of 167.8 percent gross of taxes (PBT), which increased to N105.8 billion in the first quarter (Q1) of 2025.
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The non-interested financial industry is extended to N4.4TRN in 2024-report
By Amaka Ifeakandu
Lagos
The non -interested financial industry of Nigeria has expanded in size to over N4.4 trilioni in 2024, according to the Enterprise 2025 report published by Nigeriangr.
The report states that the growth recorded in the sector has been guided by the growing demand for ethical finance.
By presenting the report to the journalist, the head of research, the Enterprisegr Tayo Muritala said that banking activities not of interest with the largest share, have risen to N2,85 trillion, the total stock of Sukuk, the second largest, is equal to N992.56 billion while deposits and loans have increased by 104.05 per cent and 108.4 percent, respectively.
The growth in non-interest 2024 also contributed with 2.1 per cent (N56.38 billion) and 1.4 percent (N32.97 billion) to VAT. He explained that with 39,000 accounting recorded with ICAN, 423 recognized accounting companies and over 144,000 lawyers, the influence of the professional services sector on governance, transparency and provision of the service remains significant.
The report showed that the activity management industry thrived in 2024 while investors pursued diversified and coverage of inflation while the value of the net activities (Nav) of collective investment patterns increased by 77.68 percent on an annual basis at N3.98 trillion, led by a jump of 79.81 percent in mutual fund.
National retail transactions have also been increased by 105.88 percent to N2,31 trillion, which represent 48.71 percent of the total internal transactions. He said that both the Exchange Nav exchanged funds (ETF) and the infrastructure funds have recorded solid earnings.
While the ETFs grew by 21.74 percent at N12.77 billion, the infrastructure funds increased by 39.38 per cent from N94.66 billion to N131.94 billion. Although mutual investment funds, from 13 to 15, assessed to N52.35 billion, reflects the expansion of the interests of investors.
Starting from May 2025, the debt management office (DMO) has issued seven Sukuk bonds for a total of over N1.3 trillion, following the recent N300 billion Sukuk emissions in May, which have been signed in excess with total subscriptions to N2,205 trillion.
This reflects the continuous interest of investors for ethical investment tools supported by the government.
Contacting financial journalists during a press press, the CEO, Enterprisegr, Mrs. Obi Ibekwe said that Nigeria has shown a significant resilience in the face of global and national economic pressure. The country has sailed macroeconomic challenges such as currency volatility, tax constraints and inflation with determination.
During this period, the sector of financial and professional services (FPS) distinguished itself as a pillar of strength and adaptability while financial institutions have increased their contribution to national production. For each generated N100, the sector represented N6, compared to N5 of the previous year.
He said that we celebrate Nigeria not only as an economic force but as a nation rooted in powerful stories, different traditions and values ​​of shares. He said that the relationship is a testimony of the lively cultural identity of the country and its growth and prosperity potential.
Enterprisengr is a group of professional policies and support, established to promote and support the development of the Nigeria financial and professional financial and professional services sector and therefore make the transformation of Nigeria advance into the main center of financial services of Africa.
