Open Banking Nigeria: First 5 APIs You Should Build for a Compliant Integration

Open Banking Nigeria: First 5 APIs You Should Build for a Compliant Integration

With Nigeria officially rolling out Open Banking regulations, banks and fintechs must integrate APIs to comply and innovate. For developers and businesses, the right API strategy is crucial.

What Is Open Banking?

Open Banking allows third-party developers to access financial data securely with user consent. In Nigeria, this is governed by the Central Bank of Nigeria (CBN), aiming to boost innovation and financial inclusion.

First 5 APIs You Should Build

1. Account Information API – Enables users to view balances and transactions across banks.
2. Payment Initiation API – Allows secure initiation of payments directly from customer accounts.
3. Identity Verification API – Verifies users’ KYC details with banks.
4. Transaction Categorization API – Classifies spending data for budgeting/analytics apps.
5. Consent Management API – Ensures users control what data they share and for how long.

Compliance Considerations

• Adhere to CBN Open Banking framework.
• Encrypt sensitive financial data.
• Implement strong authentication and audit logs.

Benefits for Businesses

• Fintech growth: More innovative financial apps.
• Better user experience: Unified financial management.
• Increased competition: Banks and startups can deliver better services.

Conclusion

For Nigerian developers, the future of fintech lies in building compliant, secure, and user-friendly APIs. Starting with these five ensures strong alignment with Open Banking’s vision.