Friday, 22 January 2021

BUSINESSDAY OPEN BANKING EXCHANGE (OBEX)


BusinessDay is pleased to invite you to the inaugural edition of Open Banking Exchange (OBEx) with the theme “Open Sesame: Unlocking the Future of Financial Innovation through Domestic 3rd Party Providers” scheduled to hold Thursday, February 3, 2021.

 

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The conference is being organised in partnership with Open Technology Foundation (Open Banking Nigeria), a non-governmental organisation backed by a group of industry experts across banking, fintech, risk management, and other financial services verticals working towards building a common standard for Open Banking APIs in Nigeria. The virtual event will commence at 10:30 a.m.

 

Why Open Banking Exchange (OBEx)?

Originally conceived as a way to ensure seamless, secure customer authentication during a transaction between authorised third-party providers (TPP) and banks, open banking has revolutionised the way customers experience financial services.

 

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More recently, the goal has shifted to creating a new ecosystem of banking that opens up banking data to make it easier for new players to enter the field, opening up competition, and creating new opportunities for financial innovation.

 

Essentially, open banking envisages that bank customers will be empowered to access and manage transactions on their accounts across various 3rd party providers and apps.

 

For this to occur, the 3rd parties require access to an application programming interface, that provides a standardized means of communicating with the bank or payment platform’s server to call up information necessary to close the transaction loop.

 

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To push forward the conversation on opportunities, possibilities, and pitfalls to avoid, BusinessDay and the Open Technology Foundation will gather speakers at the inaugural Open Banking Exchange will examine the:

pen Banking Landscape in Nigeria: Where we are

Progress GPS: where we should be?

Attitudes of traditional banks to open banking

Challenges to adoption

Competition shakeup: hypotheses on who the winners and laggards will be

Pathways to formulating a regulatory framework that works for Nigeria: lessons from other jurisdictions, and peculiarities of the domestic environment

Business models

Security concerns

 Use cases

 

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For speaking opportunities and sponsorship inquiries, contact: Funmilola Aborishade-Ojo on: 09035132838, funmilola.aborishade@businessday.ng or Feyisayo Borisade on: 0703496 5400, feyisayo.borisade@businessday.ng 



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