Open banking to transform East Africa’s digital financial services – The Standard features Myriad Connect
“ “Open banking is revolutionising the financial services landscape across the world and presents opportunities for transformation and financial inclusion throughout East Africa.
However, the region should learn from the experiences of other markets and leapfrog directly to the next era of open banking, says International mobile technology specialist at Myriad Connect.Open banking, in which banks share certain data via secure application programming interfaces (APIs), allows for the development of a range of digital financial services that can be used by customers to more easily transact, manage their finances and have full access to all their data.It paves the way for improved customer experience and greater transparency in banking. Because financial service providers are authorised to use this data without having to build new data stores of their own, they can quickly adapt to changing trends and offer new and unique services to customers.
“Open Banking will drive transformation in digital financial services by simultaneously empowering consumers to own and share their data and enabling financial service providers to leverage this data to deliver enhanced capabilities to the marketplace.”Willie believes that many banks and fintechs already have a closer working relationship in East Africa than those in Europe, for example, positioning them to move quickly to an Open Banking environment across the East African financial services ecosystem.” “
Read the full story on The Standard.