Nigeria is first African nation to ratify open banking operational regulations | Hacker News Reader

Nigeria is first African nation to ratify open banking operational regulations

philsiarri.substack.com

48 pointsfinphil8 comments

We also just elected a documented drug trafficker and very corrupt individual [1] as our next President, so there's that. We are poor and sliding back in every statistic that tracks economic and material wellbeing, and yet keep voting in horrible leaders (blame the Northern part filled with people more concerned about tribalism than their economic wellbeing). But, sure, open banking!

1- https://westafricaweekly.substack.com/p/bola-ahmed-tinubu-fr...

https://en.wikipedia.org/wiki/Open_banking

Open banking is a financial services term within financial technology. It refers to:

1. The use of open APIs that enable third-party developers to build applications and services around the financial institution.

2. Greater financial transparency options for account holders, ranging from open data to private data.

3. The use of open source technology to achieve the above.

Thank you. The post author seemed to assume every reader should have known this

This has been revolutionary here in Norway. We have gotten a lot of third party banking apps that lets you manage all your banking across differenta banks in one app etc. it has also forced a lot of the older banks to step up their online services, due to competition

Canada is still working on Open Banking. I think it will definitely force institutions to step up their game once it is implemented.

https://www.canada.ca/en/financial-consumer-agency/services/...

I'm sensing that Abraham Tachjian (Canada's Open Banking lead) is going to speed things up this year.

PSD2 (Revised Payment Services Directive) is an EU legislation that require every bank to open up APIs to other banks (++), so they can automatically get payment information, transfer money etc

To increase competition in the banking sector, without the need for the users to switch bank. It also open up automating a lot of the switching process

Who want to bet that this will be "Money washing In africa" headline in just few years ? \s

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