Nigeria: Customers, Fintechs to Benefit From Open Banking

22 March 2018

Just as standardisation of Automated Teller Machines in Nigeria changed the face of banking in Nigeria, experts have predicted open banking to do the same.

According to reports, it was after banks came together to form Interswitch, pushing aside their differences, that the ATM scheme was able to take off in Nigeria. The reasons for the success were not farfetched: an open standard for the ATMs and cards and a network effect. Similar efforts between banks have achieved the same benefits - POS, interbank transfer.

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