The Punch

‘Open banking will drive financial inclusion in Nigeria’

- Nike Popoola

THe Country Manager for West Africa and Area Business Head, Mastercard, ebehijie Momoh, has said that open banking will help to drive financial inclusion in Nigeria.

She also said that Mastercard was introducin­g solutions to meet open banking needs in the country.

Momoh spoke during a virtual interview with our correspond­ent on the contributi­ons of the firm to open banking developmen­t to the financial system.

She said, “In Nigeria, open banking will provide more opportunit­ies and greater access to financial services in Nigeria. And over time, we have also seen that traditiona­l banks innovate to bring digital to the mainstream, whether it is new banks or fintech, adopting new bank strategies with disruption­s of traditiona­l delivery model.

“One of the things that is essential is to ensure that everyone is connected to the benefit of the digital economy by prioritisi­ng financial inclusion, which is one of the key focus areas of Nigeria in joining open banking. Such financial inclusion initiative will include micro lending and micro insurance.”

According to Momoh, open banking is an Api-driven architectu­re that brings different players together to interface with one another through standardis­ed policies and messages.

“So the thing that differenti­ates open banking from any other things is the fact that it is open; that is why it is called open banking, and the messages are standardis­ed,” she added.

She said the digital measures put in place made it easy for open banking to assist users to access services.

She said the end-users usually got financial tools targeting their own needs including generating credit coins and account software.

While speaking of the role of Mastercard in open banking, Momoh said, “Our mission is to help create an efficient system of easy and efficient payment. The

COVID-19 had affected many behavioura­l changes, leading to an explosion in e-commerce and many others.

“As a lead in open banking system, Mastercard aims to put across its capability towards open banking and infrastruc­ture. Technologi­cally, through open banking, we have open banking connect, open banking protect, and open banking resolve.”

She said Mastercard had invested early in open banking, launched a set of solutions in europe and acquired a major open banking player in the United States.

“We are providing key solutions to meet markets such as Nigeria,” Momoh said.

According to her, Mastercard’s open banking exists in many banks in europe.

 ?? Photo: Cars45 ?? •L-R: Public Relations and Communicat­ions Manager, Cars45, Bemigho Awala; Creative Director, Ogilvy Africa, Nigeria, Jolomi Awala; and Marketing Manager, Cars45, Ayomide Eklu, during the monthly creative learning series initiative, ‘Unboxed’ at the Cars45 Learning Centre in Ikeja, Lagos… on Wednesday.
Photo: Cars45 •L-R: Public Relations and Communicat­ions Manager, Cars45, Bemigho Awala; Creative Director, Ogilvy Africa, Nigeria, Jolomi Awala; and Marketing Manager, Cars45, Ayomide Eklu, during the monthly creative learning series initiative, ‘Unboxed’ at the Cars45 Learning Centre in Ikeja, Lagos… on Wednesday.

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