Open Banking and crickets
Exclusives are only sacred when they’re foreign
If you missed Friday's Notadeepdive about our new series, catch up here. I solemnly swear to see this series through.
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In Nigeria’s tech ecosystem, the relevance of exclusives depends on where you stand.
For founders and execs? The answer is usually “not really.” Never mind that we read Bloomberg, The Information, and a dozen other global outlets with reverence when they break exclusive stories. We’ll retweet those all day.
But when the news is closer to home? Suddenly, we need to be educated on why a story matters.
Why are you reporting my startup's numbers? They're private.
Meanwhile, the numbers of a comparable US startup are right there in your pitch deck.
Am I being defensive? Maybe. Glory to Hanuman newsletters.
To be fair to big publications, they’re often wading through five layers of corporate interest just to break news. (For Notadeepdive? Once you download the Credit Direct app, we no get problem.)
Anyway, this isn’t about saltiness. And if you people want to read about me being salty, stop being stingy with likes and comments...
Now to today’s matter.
On April 29, Notadeepdive was first to report that Open Banking had been approved by the Central Bank of Nigeria, with a go-live date of August 1.
It was a rare Monday drop. One of the most-read newsletters this year.
Did I watch with pride while everyone else published the news, albeit with other great angles? Absolutely.
Yet, something’s been gnawing at me since then: CBN itself hasn’t said a word.
No press release
No media briefing
No formal communication to banks or the public
Just radio silence.
And the banks? Also quiet.
Now, I’m not a superstitious man... but like that Falz jam says: this is Nigeria.
It raises questions about execution. Without "building in public," will the CBN execute this well? Side eye enaira and the cashless policy.
It's important to question their execution.
Open Banking is the most important reform CBN has attempted since BVN
It’s been eight years in the making. When it found regulatory momentum in 2023, we kept asking why it was taking so long. The answer was always: “In a few months." Since then, we've seen a multitude of webinars and events about Open Banking and excitement across banks and fintechs.
So, why hasn’t the CBN said anything? Not to the banks. Not to the public. Not even a wink.
Let me go full Matt Levine with the theories:
* The CBN operates with a military-style “command and control” mindset
* They drop circulars and watch the industry scramble like headless chickens
Just a few weeks ago, CBN fined Paystack N250 million for launching an app without approval. I wrote about it here and even made a few jokes.
Yet, before that, nine banks were fined N150 million each over cash scarcity during the naira redesign, a problem the CBN created. → Here’s the report
CBN has great ideas. Probably even good intentions.
But we can definitely question it on execution.
I edited at least nine articles about the cashless policy, so I have notes.
The original idea was to issue new notes to fight money laundering and vote buying
The idea was wobbly from the start
But the execution was a complete disaster
It wrecked whatever was left of Emefiele’s credibility and took down several CBN directors.
A bad idea, well executed, can sometimes survive.
A good idea, poorly executed? Never does.
Between 2024 and 2025, the CBN leadership saw major changes. It also led to policy priorities.
CBN tapped Musa Jimoh to lead open banking
A new department for the implementation
Despite this, we've seen little stakeholder engagement from the CBN
With this kind of silence, chaos is inevitable. Some banks will be ready, and others will be confused. There's the real risk that the rollout will descend into blame games and policy reversals.
Before I say "see you on Friday."
Open banking has massive potential. Done right, it could reshape credit access, data portability, and the entire consumer finance experience in Nigeria.
But for that to happen, the CBN needs to communicate.
It needs to manage the rollout like it actually owns the vision.
See you on Friday!