“Voila! Feel it, it is here. Open Banking has arrived in Africa”. Born and refined in the United Kingdom, open banking has found its way into the continent of Africa.
Imagine you could use your bank data to be the master of your own destiny? Imagine having control of your own data?This is now becoming a reality in Africa.
Nedbank has become the first African bank to take the open banking seriously and has opened the floodgates of consumer empowerment in South Africa. We expect banks across the African continent to follow suit and be key stakeholders in empowering consumers and tech-innovators.
With the release of the Nedbank API Marketplace, an open banking aligned bridge to its data warehouses, innovators across South Africa can now accelarate their time-to-market serving millions of consumers.
Open banking requires banks to open their data via secure application programming interfaces (APIs), giving access to outside developers, to allow them to develop other apps. This would provide customers with many resources to view and understand their finances.
The potential benefits of open banking include improved customer experience, new revenue streams, and a sustainable service model for underserved markets. The G20’s Anti-Corruption Working Group has identified open data as a priority to advance public and private sector transparency and integrity. From a commercial standpoint, data can serve as a catalyst for new products and business models.
Any API strategy that does not have community-building at the centre is bound to fail. In this light, MathsGee, a progressive Johannesburg-based edtech startup has taken a unilateral decision to strategically position itself as a community-builder for the Nedbank APIs.
“Our courses and forums coupled with our love for data sharing gives us a unique advantage to pursue the adoption of open banking in Africa. The Nedbank APIs have given us something to work with thus we have created a course and discussion forum to assist developers and enthusiasts adopt and use the APIs to innovate. We want these APIs to be catalysts for comprehensive financial inclusion”, said Edzai Zvobwo, Chief Genius at MathsGee.
To fully understand how you can take advantage of the Nedbank APIs and connect with fellow developers who are working on innovative products, you can join the free course entitled, “Become a Certified Nedbank API Systems Integrator”
Be part of the financial data revolution in Africa and start innovating using the Nedbank APIs with the hope that other banks will join the revolution.