How CBN's new guidelines stipulate that banks obtain customers' permission before data-sharing

  • The Central Bank of Nigeria has asked banks and other financial institutions not to share customers’ data without their consent
  • The bank disclosed this in new operational guidelines released on Wednesday, March 8, 2023
  • Per the statement, banks must obtain customers’ consent before giving out their information to a third party

The Central Bank of Nigeria (CBN) released new operational guidelines for Open Banking on Wednesday, March 8, 2023.

The new guidelines set principles for data-sharing across the banking and payment ecosystems.