Open Banking in Nigeria
If the open banking era begins in Nigeria, expect a new financial services order which will severely affect the card business. I personally believe that APIs will win the future for financial services. Yet, the notion that First Bank, GTBank, UBA, etc customers are suddenly going to be "available" to a startup which just started its life is something I do not see coming in months.
Winning the future of digital commerce requires controlling demand, not supply. If you do open banking, the ordinance is reconfigured. I am not sure how the gatekeepers in Nigerian banking will sign-up to largely surrender, even though open banking can technically expand the market, delivering a massive win-win for all stakeholders.
Read Maro Elias as he deepens our perspectives on this important topic.
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