Nigeria is on the verge of activating one of Africa’s most ambitious financial reforms as its long-awaited open banking system enters the final phase of implementation.
But while the technology infrastructure is largely ready, experts are warning that the country has yet to build the regulatory guardrails needed to govern the artificial intelligence systems that will increasingly make decisions using customers’ financial data.
The warning comes as the Central Bank of Nigeria (CBN) advances the rollout of its open banking framework, a project expected to transform how banks, fintech firms and licensed financial institutions share customer-approved financial information.
Industry experts say the system has the potential to unlock faster digital payments, expand access to credit, improve financial inclusion and stimulate innovation across Nigeria’s financial services sector. However, they caution that without clear rules governing artificial intelligence, the same system could also introduce new risks related to bias, transparency and accountability.
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