The Nigerian Fintech companies, Carbon and Appzone, have announced a partnership with the non-profit, Open Banking Nigeria.
Formerly known as Paylater, Carbon is Nigeria’s leading digital financial platform that gives quick loans at low interest rates, without the need for guarantors or collateral. Appzone is Africa’s leading provider of integrated banking and payment software platforms to financial institutions.
Recently, these two top financial technology (fintech) players respectively announced their collaboration with non-profit Open Banking Nigeria, joining industry players like Paystack, Flutterwave, Interswitch, Ernest & Young, Fidelity Bank, Global Accelerex, TeamApt, PwC, and Sterling Bank who have partnered with Open Banking Nigeria.
With this collaboration with Open Banking Nigeria, the two fintech companies hope to extend the frontiers of innovation, to attain non-financial and non-partisan API standards for financial services in Nigeria.
Even more, the collaboration is expected to advance ongoing efforts by various notable financial industry stakeholders in the country targeted at maximising the rapid increase in digital and mobile payments, with the ultimate consumer-centric objective of meeting yearnings for convenience and flexibility.
The fintech companies, Carbon and Appzone would actively participate in diverse phases of the development of common API standards for Nigeria, testing the APIs for certification, and stimulating the adoption of Open Banking standards across the country.
Speaking on the partnership with Open Banking Nigeria, Chijioke Dozie, the Co-founder and Chief Executive Officer of OneFi, the parent company of Carbon said, “At Carbon, we know that data is more important than oil. We also understand that open banking presents a tremendous opportunity to unlock financial access for millions of consumers and has the potential of transforming the financial services landscape, not only for banks and fintechs but for everyone across the ecosystem,
It follows our innovative leanings as a brand committed to providing credit to the financially under-served and excluded individuals around Africa. We believe that, with Open Banking, we would be able to extend consumer credit to the 40 million unique bank customers across the nation.”
“We find open banking critical to the future, especially as we support over 300 financial institutions on BankOne, our banking-as-a-service platform.
Our partnership with Open Banking Nigeria also comes as a result of our understanding that in our fast-rising digital world, the use of standard APIs is crucial to empower verified third party players to securely leverage technology. Moreso, the adoption of standardised APIs is known to cut cost, reduce connectivity complications and improve turnaround time.” said Obi Emetarom, Chief Executive Officer, AppZone.
According to Ope Adeoye of Open Banking Nigeria,the collaboration of these fintech companies would, “enable further innovation in our financial services industry where the lack of common API standards currently constitutes a barrier to innovation, especially in the areas of digital payments expansion and financial inclusion.”
Open Banking Nigeria was founded in 2017 by a group of industry experts across fintech, banking, and risk management to build a common standard for Open Banking APIs (Application Programming Interface) in Nigeria.
It is tailored for various stakeholders within the financial services sector such as banks, Fintechs, and regulators, working together to build the next generation of API standards for the Nigerian banking and financial industry.