Fiorano, a renowned player in global hybrid multi-cloud applications, joined forces with its partner Inlaks to host an in-person event in Lagos in July 2023. The event, titled “Driving Growth in Nigeria through Open Banking,” was organized in direct response to the Open Banking mandate issued earlier in the year by the central bank of Nigeria. As the concept of Open Banking gains momentum globally, Nigeria has emerged as one of the latest African countries to embrace this innovative model. Stakeholders from various Nigerian banks, along with representatives from the Central Bank of Nigeria, convened at Lagos’ Eko Hotel to partake in the event.
“We’re excited to collaborate with our partner Inlaks Nigeria and the Central Bank of Nigeria for this event. Open Banking is rapidly expanding worldwide, and during the seminar, we delved into crucial aspects such as OpenID / FAPI security, strategic approaches for banks, compliance considerations, and how regional banks can effectively capitalize on APIs for monetization,” stated Biju Suresh Babu, Fiorano’s Managing Director of Banking and Financial Services.
Olufemi Muraino, Executive Director at Inlaks, further emphasized, “Open Banking offers a powerful platform for reshaping banking and elevating consumer experiences. At Inlaks, our commitment to digital transformation drives us to collaborate with strategic partners and stakeholders. We’re dedicated to enabling banks and financial institutions on their innovative journeys, ultimately delivering unmatched value to customers. Moving ahead, we’re resolute in our pledge to be a trusted partner, empowering institutions and advancing Africa’s financial industry.”
At the event, Chika Ugwueze, Assistant Director of the Payments System Management Department at the Central Bank of Nigeria, delivered an enlightening presentation on the potential of Open Banking and its transformative effects on banks, financial institutions, and customers.
Ugwueze commended the collaboration between Inlaks and Fiorano, recognizing its potential to cultivate an all-encompassing financial ecosystem. He underscored that this partnership would facilitate stakeholder cooperation, propelling economic growth while giving paramount importance to robust data security, customer safeguarding, and cybersecurity measures.
