EY has finalised arrangements with Open Banking Nigeria to develop and advocate for a standard application programming interface (API) for the country’s financial services industry.
With this agreement, EY joins other industry stakeholders to analyse the need of the industry for a common API standard among banks and other financial institutions, support the development of API standards, promote adoption with stakeholders—players and regulators—and enable further innovations in Nigeria’s financial services industry.
The introduction of a unified API across financial institutions creates a foundation upon which data can be accessed and securely shared, real-time. This interoperability would result in the development of modern payment services, cost-saving for operators and increased innovation while also guaranteeing information security and privacy.
According to a statement by Dapo Adewole, Partner, Technology Advisory, at EY: “As part of our commitment to support the building of a better working world, EY Nigeria is working with stakeholders to use open banking to reshape financial services, especially as regulators and governments seek to increase competition and choice.
“We understand that customers also expect more convenience and flexible access to services, driven by broader digital experience and emerging technology. It is our desire to bring this goal to fruition while working with other players in the industry.”
