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2026 marks the full implementation of Open Banking Phase 2 in Nigeria. This regulation mandates that all Tier-1 and Tier-2 banks must allow third-party providers (TPPs) to access customer data, provided the customer gives explicit consent. For SMEs, this means your accounting software can now ‘talk’ directly to your bank account in real-time.
The “Consents Registry”
In 2026, the CBN launched the Centralized Consent Management Registry. As a business owner, you have full control. You can grant a fintech app access to view your balance for a loan application but deny them the right to move money. This is a massive leap in data protection compliance.
Benefits for SMEs:
- Instant Credit: Lenders can see your real-time cashflow, eliminating the need for 6 months of printed bank statements.
- Unified Dashboards: View balances from GTBank, Zenith, and Access all in one app.
- Automated Tax: Your software can automatically calculate VAT for every transaction.
The API Standard
To participate, fintechs must use the ‘Nigeria Open Banking API Standard.’ Before linking your business account to any app, check if they are a ‘Certified TPP’ under the 2026 licensing tiers.
Step-by-Step: Leveraging Open Banking
- Audit Your Apps: Identify which tools (Payroll, Inventory) could benefit from direct bank feeds.
- Grant Granular Consent: Never give ‘Full Access’ if ‘Read-Only’ is enough.
- Monitor the Registry: Check your CBN Consent Registry profile monthly to see who has access to your data.
- Verify Cybersecurity: Ensure the app has a Cybersecurity Levy compliant infrastructure.
Practical Example: The Retail Chain
‘Jola Stores’ has 15 branches. Using Open Banking in 2026, their CFO linked all branch accounts to a single ‘Liquidity Manager’ app. The app automatically moved excess cash into a high-yield account every evening, increasing their interest income by 12% without a single manual transfer.
External Resources
Read the standards at Open Banking Nigeria. For regulatory updates, visit the CBN website.
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