Open banking’ll boost payments, savings culture – CIBN president

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The President/Chairman of Council, Chartered Institute of Bankers of Nigeria, Dr. Ken Opara, has said that open banking initiatives are helping to create services to enable consumers to make better financial decisions on core payments and borrowings.

Opara spoke at the CIBN’s Advocacy Dialogue Series 6 event with the theme, ‘Driving innovation through open banking: Exploring challenges and opportunities for growth’.

“By providing a secure way for banks to share financial data and services with third-party providers such as fintechs, with customers’ consent, innovations driven by open banking initiatives have continued to drive service expansions, by creating services seeking to help consumers to make better financial decisions on core payments and borrowings, as well as impacting the savings culture of customers and helping them to build a financial cushion,” he...

He said the programme was specially created to empower various stakeholders with knowledge on emerging and evolving issues within the banking and financial industry sector of the economy. “The series typically features subject matter experts and operators to generate ideas that can help individuals and organisations make better and informed decisions,” he said.

Source: Financial Digest (financialdigest.net)

 

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