In order to sustain its growth as a digital-savvy bank, Fidelity Bank has signed a Memorandum of Understanding with Open Technology Foundation. Through the MoU, both companies will collaborate to develop a programming interface for the bank’s financial operations through open banking.
In a statement released by the CEO of Fidelity Bank, Nnamdi Okonkwo, the move was a step in the right direction with the satisfaction of customers in mind.
“As a digitally innovative and forward-thinking bank, we believe in the importance of investing in digital technologies and its significant contributions to shaping the future of banking globally.”
“Therefore, this partnership with the Open Technology Foundation for the adoption of a standard, industry-wide API is a step in the right direction and is in alignment with our commitment to digital innovation, for the satisfaction of our customers.”
Why this matters: This move was carried out in order to deepen retail strategy, cut cost and improve revenue for the digital-inclined customers that rely on technological advancements to cater for their needs.
About Open Banking: Open Banking is a financial transparency system that provides a user with a network of financial institutions’ data using application programming interfaces (APIs) majorly built by third-party developers.
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Nigeria’s Open Banking System defines the processes that outline how financial services should be created and accessed. It helps customers to share financial details without risk among other financial institutions.
About Open Technology Foundation (OTF): It is a non-profit organisation established two years ago by a group of bankers and fintech experts to drive Application Programming Interfaces (APIs) for the country, most especially financial institutions.
The Foundation was established to also:
- provide a sandbox and other testing tools for certification;
- promote the adoption of an Open Banking standard with stakeholders across Nigeria; and
- enable further innovation in the financial services industry.