The Central Bank of Nigeria (CBN) has delayed the official launch of Open Banking, moving the rollout indefinitely beyond the initial August 2025 date.
The update was confirmed by Chai Gang, Deputy Director for Payment Systems Policy at the CBN, during a panel discussion at Moonshot by TechCabal. According to him, while the regulatory groundwork is complete, the system itself is not yet live, as the bank focuses on governance, standardization, and data security before going public.
Building a Secure and Unified Framework
Chai explained that the delay stems from the CBN’s decision to prioritise oversight and traceability within the ecosystem before activating the system.
“Open banking, from a CBN perspective, with the regulations and implementation, hasn’t gone live yet. But what we’ve been able to do over the past few months is put together a governance structure around its operations, and also institute a diverse stakeholder working group,” he said.
The central bank’s ongoing efforts include establishing an enabling environment for standardized API development, which will define how financial institutions share data. This standardized API template is intended to replace the fragmented systems currently in use, ensuring seamless interoperability and secure integration across banks and fintechs.
“We are building a standardized API template that all institutions can adopt, which will make integration easier instead of having different API templates in different institutions,” Chai added.
Nigeria’s Open Banking Journey So Far
When the CBN announced Open Banking on April 29, 2025, Nigeria became the first African country to formally adopt the framework. The launch was initially scheduled for August 1, 2025, but the rollout did not materialize as planned.
Despite the delay, financial industry stakeholders remain optimistic, viewing the CBN’s cautious approach as a sign of regulatory prudence and commitment to system integrity.
“The CBN’s approach reflects its priority to guarantee a safe system launch, protect consumers, and maintain industry stability,” noted an industry source.
Over the past year, the CBN has also established five dedicated implementation workstreams, each focused on a critical area of the framework:
- Governance & Regulation
- Legal & Compliance
- Technical & Infrastructure
- Data Security
- Stakeholder Engagement
These groups have developed key operational blueprints, including data-sharing protocols, consent management systems, and onboarding procedures for financial institutions.
What Happens Next
As of September 2025, the CBN confirmed that the major deliverables from the five workstreams have been completed and are now undergoing final internal review.
While no new launch date has been announced, the financial industry expects a phased go-live in early 2026. This gradual rollout will translate the regulatory groundwork into operational systems, marking Nigeria’s transition from policy formation to real-world execution.
When it eventually goes live, Open Banking is expected to revolutionize financial access in Nigeria, empowering consumers to securely share financial data, fueling fintech innovation, and driving inclusion across the nation’s growing digital economy.
