Open Banking Nigeria (OBN) standard specified within this document does not constitute a legal framework as such any institution that adopts the standard is not obliged to any legal entitlements by OBN or other participants and vice versa. Furthermore, the standard defines a minimum set of requirements for participants, but by no means a complete or conclusive list. Participants are encouraged to employ best-in-class industry practices, judgement and processes for their specific infrastructure, environment and services. Similarly, regarding regulations and compliance by participants, adherence to this standard by no means indicates compliance or exemption from governing regulations and laws. While the standard is designed to be consistent with prevailing regulations and laws, If there are any disparities between this standard and such laws or regulations, those regulations and laws should supersede this standard. Participants are wholly responsible for their compliance with all regulations and laws that apply to them.

Intended Audience

This document is intended for members of the financial and payment services community but is also publicly available to all parties interested to learn about Open Banking.Financial institutions intending to provide secure access to customer financial data for other financial institutions, technology companies and service providers should employ this document as a framework to guide the development, provisioning and operation of open APIs.Service Providers, Payment Solutions companies and other financial institutions that wish to access customer data within other financial institutions operating within the Open Banking network can easily adapt and integrate to such institutions by integrating to the APIs according to the guidelines and specifications outlined within this document and subsequently re-use the same integration assets to connect to multiple "open" financial institutions. Members of the public can learn about the imperatives for Open Banking and its role in the evolution of banking and financial services. Users can get a general understanding of the obligations of their account custodians, channel and service providers in the Open Banking scheme. Aspects such as security, service levels and dispute handling may also provide clarity and an appreciation for the inner workings of the interested user but most importantly, transparency and understanding of the users' rights within the system.