Pngme Joins Open Banking Nigeria To Support The Next Generation of API Standards
Pngme is joining Open Banking Nigeria, a non-for-profit initiative that is building a set of open APIs standards for the Nigerian financial services industry. The Central Bank of Nigeria recently announced a target to hit financial inclusion for 95% of the population by 2024. Open Banking Nigeria aims to collaboratively reach this goal by setting and maintaining API standards with technology leaders like Pngme, ensuring banks and consumers have the products and services they need to flourish.
In recent years, the Nigerian government has looked to spur lending as a way to regenerate the economy and enable businesses to access credit and financial services. The current reliance on traditional data sources does not address the challenges confronting the financial sector when it comes to scaling lending to underserved individuals and MSMEs. By incorporating open banking and the alternative data solutions provided by Pngme, the financial sector can scale lending and reduce the risk associated with new and unbanked customers.
Pngme’s API and toolkit will be instrumental in setting up test environments that will set implementation standards for Nigeria’s expanding financial ecosystem. As a member of Open Banking Nigeria, Pngme will play an important role in the design of sandbox environments, data types, authentication, expansion types and other testing tools. We believe setting up certifications for API testing will be critical in driving the innovation that will bring financial inclusion.
“As an organisation that understands and values the importance of access to data, partnering with Open Banking Nigeria is yet another opportunity for us to help financial institutions, developers, and stakeholders in other industries understand the benefits of open banking and the positive downstream impact it has not only on their customers’ experience, but their revenues,” Cate Rung, Pngme’s Co-founder.
Open Banking Nigeria’s Mission
The Open Banking Nigeria API specifications allow Nigerian financial institutions, FIs, (e.g., banks, mobile money operators, ATM providers) to develop API endpoints that can then be accessed by API users (e.g., third-party developers, fintechs) to build mobile and web applications for their customers.
These specifications allow FIs to provide a standardized interface that will enable fintechs and other stakeholders to access their products and services. For example, let customers to see all their accounts across multiple banks or to give instructions such that their accounts can be debited to pay for equities being bought on their behalf by their stock brokers.
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