The official introduction of Open Banking in Nigeria, initially slated for August 2025, has now been postponed indefinitely. This delay was announced by Chai Gang, Deputy Director of Payments Systems Policy at the Central Bank of Nigeria (CBN), during a panel at Moonshot by TechCabal.
Chai emphasized that while the regulatory framework is ready, the Open Banking system itself is not yet operational. Instead of rushing the launch, the CBN has dedicated recent months to building a strong governance framework and assembling a diverse group of stakeholders to oversee the initiative.
This careful preparation is essential to guarantee the security, reliability, and widespread adoption of Open Banking throughout Nigeria’s financial sector before it can revolutionize how citizens engage with financial services.
“From the CBN’s standpoint, Open Banking regulations and implementation have not yet gone live. However, we have established a governance structure and formed a multi-stakeholder working group to develop a system that is both secure and sustainable,” Chai explained.
He further detailed that the current focus is on creating mechanisms for oversight and traceability, which will enable the CBN to monitor who accesses customer data, addressing key concerns around security and transparency.
Additionally, the working groups are crafting a unified technical environment by developing standardized API protocols. The objective is to create a single API template that all financial institutions will adopt, simplifying integration and avoiding a fragmented landscape where each bank uses its own unique system.
“Our teams are actively working on establishing a standardized API framework to facilitate seamless integration across institutions, rather than having disparate API templates,” Chai added.
Read also: CBN’s new ATM operations guidelines: 10 essential rules you need to know
The Path Forward for CBN’s Open Banking
On April 29, 2025, the Central Bank of Nigeria announced plans to roll out the country’s Open Banking system by August 2025, positioning Nigeria as a pioneer in Africa for this innovative financial model.
Although the August 1 launch did not occur, optimism remains high within the financial sector. Industry experts interpret the CBN’s deliberate pace as a commitment to ensuring a secure launch, safeguarding consumer interests, and maintaining systemic stability.
Over the past year, the CBN has laid a solid foundation for Open Banking by initiating five specialized workstreams led by prominent figures in the financial industry. These groups have concentrated on Governance & Regulation, Legal & Compliance, Technical & Infrastructure, Data Security, and Stakeholder Engagement.
“Each workstream has delivered critical documentation and frameworks that will guide operational aspects such as data sharing, consent management, and participant onboarding,” the CBN stated.
As of September 2025, these deliverables are complete and undergoing final evaluation by the CBN. While no new official launch date has been announced, the sector anticipates a phased introduction in early 2026.
This gradual rollout is expected to translate the comprehensive groundwork into a practical, functioning system, marking the transition from policy development to active implementation.
Read also: 5 major updates PoS operators should be aware of under CBN’s new agency banking regulations