Featured post

To combat counterfeit drugs, Governor Soludo unveils a plan to establish a centralized wholesale drug center in Anambra.

-
Image
As part of his efforts to standardize the drug market and eradicate fake and counterfeit drugs, Anambra State Governor Chukwuma Soludo has announced plans to construct a coordinated wholesale drug center in Oba, Idemili South LGA. The relocated and standardized Ogbo ogwu market, Onitsha's arguably largest open drug market, will be housed in the new center. "As a government, we are already building a coordinated wholesale drug centre in Oba, Idemili South LGA, that will accommodate the new and standardised Ogbo ogwu market. This is our own contribution to ending the current chaotic market environment where fake and counterfeit drugs thrive. "Onitsha remains the largest trading hub in Africa, we will further expand this status to a more befitting height," he said. Onitsha's Ogbo ogwu and adjoining market were visited by Soludo, who learned that the nearby plumbing materials market had been shut down because of shops selling illegal drugs. The governor ordered an ex...
Post a Comment

CBN Releases Operational Guidelines For Open Banking

-


 

An operational guidelines for open banking in Nigeria has been released by the Central Bank. 

The guidelines were conveyed in a circular signed by Musa Jimoh, Director of Payments System Management Department at the apex bank. 

The CBN also stated that while it would provide and maintain an Open Banking Registry (OBR) for the industry, it will be a public repository for details of registered participants.

The OBR would be maintained for the purpose of providing regulatory oversight on participants, enhancing transparency in the operations of open banking and ensuring that only registered institutions operate in the ecosystem.

It read; 

“The adoption of Open Banking in Nigeria will foster customer permissioned data between banks and third-party firms to enable the building of customer-focused products and services.

“It also aims to enhance efficiency, competition and access to financial services in Nigeria.

“All stakeholders are required to ensure strict compliance with the guidelines and all other regulations, as the CBN continues to monitor developments and issue guidance as may be appropriate.

“Entities participating in Open banking shall be categorised based on the following roles. Participants shall assume a role depending on the services:

i. API Provider (AP): This refers to a participant that uses API to avail data or service to another participant. An API Provider can be a licensed financial institution/service provider, a Fast-Moving Consumer Goods (FMCG) Company or other retailers, Payroll Service Bureau etc,” the apex bank said.

“ii. API Consumer (AC): This refers to a participant that uses API released by the (API) providers to access data or service. An API Consumer can be a licensed financial institution/service provider, an FMCG or other retailers, Payroll Service Bureau etc.

”iii. Customer: This refers to the data owner that shall be required to provide consent for release of data for the purpose of accessing financial services.

“Each participant shall be identified by its CAC business registration number, which shall be the unique key across the OBR system.

“The OBR shall maintain an API interface, defined within these guidelines, which shall serve as the primary means by which API (Application Programming Interface) providers manage the registration of their API consumers.”

Bank Customers will be required to provide explicit consent for the use of their data and it must be obtained in the same form the agreement was presented. A copy of the consent of the customer shall be made available to the customer and preserved by the participant.

The Open banking which allows sharing of financial information electronically, and securely when the customers approve of it, also enables third-party developers to build applications and services around the financial institution, particularly the banks that hold customer data.

Comments

Post a Comment

Popular posts from this blog

Female Student Who Attempted Suicide Is Alive And Responding To Treatment — YABATECH

-
Image
  The Deputy Registrar, Yaba College of Technology, YABATECH, Joe Ejiofor, says that the ND1 Marketing student of the institution who attempted   suicide is alive and responding well to treatment. It was gathered that the 18-year-old student identified as Destiny, was allegedly caught for examination malpractice on Wednesday February 8, during the institution's ongoing second-semester examination.  The student, who was also said to have just been dumped by her boyfriend, allegedly slipped into depression, went to her hostel and drank the insecticide suspected to be sniper.  One of her roommates who saw her drinking the substance ran out and raised the alarm. Mr. Ejiofor, also Head of Public Relations of YABATECH, told the News Agency of Nigeria on Friday, February 10, that the college management led by Ag Rector, Uduak Inyang-Udoh, Dean of Students and Tunji Balogun visited and confirmed her state. Mr. Ejiofor said that although the young girl drank some chemical sub...
Read more

Benin Republic, Niger enjoy smuggled fuel as Nigerians keep vigil at petrol stations

-
Image
While numerous Nigerians are keeping vigil at filling stations to fuel their vehicles, drivers in the adjoining nations of Benin Republic and Niger are getting a charge out of fuel snuck from Nigeria, a Saturday PUNCH examination has shown. Our journalists, who visited the two nations found that the snuck petroleum was being sold by dark advertisers, whose rates were less expensive than those working in filling stations. Discoveries show that drivers frequently belittle the dark advertisers on the grounds that their rates are less expensive than the people who purchase from the filling stations. Saturday PUNCH accumulated the higher worth of cefas (CFA) to naira made the Nigerian snuck fuel alluring to residents of the two nations. Nigeria is seeing the fifth significant fuel emergency since President Bola Tinubu accepted office on May 29, 2023, following his expulsion of the fuel appropriation. The evacuation prompted a sharp ascent in fuel costs, causing alarm purchasing, far and wid...
Read more

Nigeria's president warns youth not to join 'sinister' protests

-
Image
  Nigeria's President gBola Tinubu has asked youngsters not to join cross country cost for many everyday items fights anticipated one week from now, saying they are crafted by "evil" individuals "promoting" on the country's financial misfortunes. Coordinators are said to have attracted motivation from occasions Kenya. Dissidents in the East African country are presently approaching President William Ruto to leave in the wake of winning key requests - including the rejecting of arranged charge rises and the excusal of practically the whole bureau. Nigeria's last mass show was quite a while back, against a castigated police unit blamed for extra-legal killings. The #EndSARS development accomplished its point of disbanding the power however was met with a fierce crackdown wherein many nonconformists were killed. As shows anticipated 1 August in Nigeria move closer, President Tinubu has encouraged coordinators to drop their arrangements. "Benefiting fro...
Read more