Global Courant
Nigeria has one of the most advanced banking sectors in sub-Saharan Africa. Banking is one of the most resilient and best performing sectors in Nigeria. But it’s far from perfect. Banking services are still out of reach for nearly 40 percent of the population. Many people still lack access to credit, especially SMEs, which make up about 96% of Nigerian businesses. And often those who want to solve these problems don’t have enough data to work with.
That’s where open banking comes in. It is the practice of allowing customers different financial institutions to view and use their information and services through standardized application programming interfaces (APIs). In this way, financial institutions of all sizes can create products and services that are better tailored to people’s needs. Customers, in turn, have more choice and can move more smoothly from one provider to another.
Earlier this year, Nigeria became Africa’s first country with open banking regulations. But the results don’t come overnight. There is still a huge knowledge gap that needs to be filled. That is why Inlaks, Africa’s leading IT solutions provider, has announced its partnership with Fiorano Software, a US-based cloud and hybrid application company.
The networking event themed “Open Banking for Growth in Nigeria” included industry speakers, Rakiya Yusuf, Deputy Director, Central Bank of Nigeria, Joseph Agyeman Badu, Head of Business Development Africa Operations Inlaks, Biju Suresh Babu, Managing Director, Banking and Financial Services, Fiorano and Olufemi Moraino, Executive Director, Inlaks.
The deputy director, CBN, represented by Chika Ogueze praised the collaboration between Inlaks and Fiorano. He continued that this had helped create an inclusive financial ecosystem where industry players can collaborate and propel the country’s economy to new heights, while ensuring and nurturing robust data security, customer protection and cybersecurity in the face of emerging technologies.
The project, implemented in partnership with Fiorano Software, seeks to explore and highlight the opportunities offered to players by open banking and hands-on monetization techniques.
In his speech, Managing Director, Banking and Financial Services, Fiorano, Biju Suresh Babu, delved into the critical aspects of open banking compliance and essential strategies for banks to monetize their open banking APIs. He underlined that while compliance with open banking regulations is necessary, banks must determine methods of monetizing their APIs.
He also highlighted different approaches to monetization, including banking-as-a-service, offering financial products through third-party channels, among others. “By promoting open banking, Inlaks/Fiorano is leading a critical conversation about the journey to creating an inclusive financial system in the industry.
The event was attended by CEOs and Co’s of major banks, microfinance players and strategic players and stakeholders of Inlaks. Speaking about the importance of the project, Olufemi Moraino commented: “We are delighted to have hosted Fiorano, the renowned API management platform, along with our valued clients and invaluable guests from the financial industry to discuss the tremendous growth opportunities in Open Banking. We are proud to work with strategic partners and stakeholders to increase our impact and effectiveness.”
He continued, “Inlaks has proudly served as IT solutions provider in Nigeria and across Africa for 40 years. Our unwavering commitment has always been to support banks and financial institutions in their journey to innovation and deliver unparalleled value to their customers.”
As part of his closing address, the Chief Executive Officer of Inlaks Africa Operations, Mr. Kyari Bukar, also reaffirmed the willingness of the partnership between Inlaks and Fiorano to drive growth through open banking. He said: “As we look ahead, we remain committed to being a trusted partner, committed to strengthening our clients and contributing to the advancement of the African financial industry.”
