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EY teams up with Open Banking Nigeria to develop API standards

Monday 19 August 2019 | 08:33 AM CET

Big Four accounting and advisory firm EY has joined Open Banking Nigeria in its efforts to standardise APIs across the Nigerian market.

Through the partnership, both firms hope to improve the management of financial data under the new financial technology paradigm.

As part of the Open Technology Foundation, Open Banking Nigeria is a Lagos-based financial services organisation that is working to ensure digital freedom and maturity across the Nigerian market. In Nigeria, this has meant a focus on a more standardized set of APIs for the market.

To this end, the firm partnered with UK-based banking consultancy Open Vector last year. Open Vector was established in 2017 by the UK’s Competition & Market Authority with a similar objective of promoting open banking in markets across the globe. The partnership was set up to enable greater fintech penetration by developing standard APIs.

In Nigeria, the fintech landscape is on a rapid growth trajectory, currently occupying top priority for a number of financial institutions in the country. The Big Four accounting and advisory space has also been active in facilitating this growth, exemplified by EY’s new involvement with Open Banking.

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