Open banking, which is the system of allowing access and control of consumer banking and financial accounts through third-party applications, holds the potential to reshape the competitive landscape and consumer experience of the banking industry in Africa. “Open banking in Africa will play a pivotal role in offering financial services to large sectors of the population who have never had access to financial services before. “There are so many things you can do today through open banking, which was not possible five years ago. Such platforms, says Obegi, eliminate restrictions that limit access to customer financial data, with the bank with which they have an account. By embracing open banking principles, African financial institutions will be able to reduce the cost of transactions.

Source: Daily Nation July 26, 2020 08:37 UTC