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Due to Nigeria’s fintech boom borne out of its open banking framework, the Central Bank of Nigeria (CBN) has published a much-awaited regulation draft to govern open banking procedures. And at its core is the need to secure customer data through a robust set of requirements.
The regulations streamline how entities who handle customer banking information will secure their systems and share details within protected application program interfaces. They’ll also seek to standardize policies for all open banking participants, and come at a time when the country is enjoying a boom of fintech and banking services that have attracted international funding in the startup space.
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