Fidelity Bank Adopts Open Banking

Fidelity Bank Plc has signed a memorandum of understanding with the Open Technology Foundation (OTF) for the adoption of a standard Application Programming Interface (API) for its operations as a financial institution.

The bank, in a statement, said the move was consistent with its commitment to the adoption of innovative digital technology to drive its retail strategy, reduce cost and improving its revenue and returns.

Open Banking is a system that provides a user with a network of financial institutions’ data through the use of application programming interfaces (APIs).

The Open Banking Nigeria Standard defines how financial data and services should be created, shared and accessed. By relying on networks instead of centralisation, open banking helps customers to securely share their financial data with other financial institutions.

“As a digitally innovative and forward-thinking bank, we believe in the importance of investing in digital technologies and its significant contributions to shaping the future of banking globally,” Fidelity Bank’s CEO, Nnamdi Okonkwo said.

“Therefore, this partnership with the Open Technology Foundation for the adoption of a standard, industry-wide API is a step in the right direction and is in alignment with our commitment to digital innovation, for the satisfaction of our customers,” he explained further.