Open Banking Nigeria has found new partners in eTranzact International Plc and Accounteer after the two companies disclosed they were partnering with the initiative.
The Chief Executive Officer of eTranzact, Niyi Toluwalope, was elated about the prospects of working with other industry stakeholders, providing technical review for Application Programming Interface specifications (API), and contributing to efforts on advocacy for the overall benefit of the industry.
According to Punch sources, the purpose of the partnership between the three entities is solely to ensure rapid adoption of a non-partisan standard for stakeholders in Nigeria’s financial services ecosystem towards the delivery of improved and customer-focused services.
Meanwhile, Mr Toluwalope emphasized the commitment of eTranzact to the adoption of its APIs and gateways in line with the open banking API standard, stating that,
“As a stakeholder within the Nigerian financial and payments ecosystem, we are aware of the opportunities for growth that come from innovation and financial inclusion. We are also aware of the challenges that fintechs face when integrating with banks using the APIs, and we are excited about the efforts of the Open Technology Foundation.”
However, also speaking about the API standards, Chief Executive Officer, Accounteer, Merijn Campsteyn, reportedly stated that APIs had grown to become the most famous means by which software integration is done.
“However, the beauty of the APIs is only appreciated when companies agree on common standards,” Merijn Campsteyn said.
About Open Banking Nigeria: According to its website, it is an initiative working with banks, seasoned industry professionals and fintechs to define an open and non-partisan set of Application Programming Interfaces (APIs) to design the API standards. Its objectives include:
- analyzing the need of the industry for common API standards among banks and other financial institutions;
- developing the common API standards;
- providing a sandbox and other testing tools for certification;
- promoting adoption of Open Banking standards with stakeholders across Nigeria; and
- enable further innovation in the financial services industry.
What is API? Application Programming Interface is an approach where your website, application, or software program can interact directly to an ordering interface without having to visit another website first.