Banks Must Brace Up For Open Banking, Says KPMG

    KPMG has called on banks and financial institutions to urgently accelerate their preparedness ahead of the launch of open banking in Nigeria.

This was indicated in its latest report published on Thursday, which is titled ‘Modernising Core Banking Systems: Navigating challenges to achieve resilient transformation,’ a thought leadership piece which was the outcome of its recently held 2025 KPMG Core Banking Modernisation Summit.

There had been reports earlier this year that the Central Bank of Nigeria had approved the launch of open banking starting in August 2025. Recall that the apex regulator in February 2021 issued the regulatory framework for open banking in Nigeria.

Open banking allows a customer (end-user) to authorise their bank or financial service provider to share their financial information with other participants within the financial services system (e.g., other banks, third-party financial service providers) so as to develop more customer-centric services and financial products.

Open banking is powered by a technology called Application Programming Interface. With open API, participating banks and other financial institutions will be able to access information on other participants’ financial products and services, as well as personal information, transaction history, credit score, income ratings, etc., of other participants’ individual customers.

The thought leadership piece from KPMG partly read, “Open banking is currently serving as a powerful catalyst for the growth and innovation of Nigeria’s digital-first financial players by streamlining access to financial data and infrastructure through secure APIs.

“Open banking is an offshoot of the collaboration between traditional banks, neobanks, and fintechs, which seeded the growth of innovative financial products such as virtual accounts (offering digitally generated account numbers for seamless collections and automated reconciliations), card management solutions (including virtual and physical card issuance, tokenisation, and spend controls), payment rail integrations (connecting neobanks and fintechs to global and local payment networks for faster, cross-border transactions), and merchant payment gateways (facilitating secure, multi-channel payment acceptance for business).

“Open banking is paving the way for financial services innovation through ecosystem collaboration and partnerships. With the recent announcement of CBN’s push for the launch of open banking in Nigeria by August 2025, it is imperative for banks to ensure the readiness of their core technologies and operational processes to support open banking.”

The firm said open banking will impact data mobility and control as it allows customers to securely share their financial data with third-party providers, facilitating access to personalised financial services. Service integration and collaboration with APIs support seamless integration between banks and TPPs, resulting in the development of progressive financial products and services.

KPMG noted that open banking can boost financial inclusion by using alternative data sources (mobile phone usage, utility bill payments, social media activity) and extending access through digital channels, as well as drive core banking modernisation.

“Nigeria’s core banking systems are being reformed faster due to the need to accommodate API-driven data sharing and service integration,” the report affirmed.

KPMG asserted that the financial services landscape across West Africa is undergoing a shift, “As digital banking becomes the default and customer expectations accelerate toward real-time, personalised experiences, traditional institutions must confront a stark reality: legacy systems can no longer support the agility, innovation, and resilience that the future demands.

“Meanwhile, emerging digital challengers, free from the technical debt of outdated infrastructure, are redefining what modern banking looks like with intuitive platforms, frictionless service delivery, and rapid product evolution. For incumbent banks, the question is no longer whether to modernise their core platforms, but how to do so effectively.”

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Gridlock, Businesses Paralysed As Flash Floods Take Over Lagos Roads, Submerge Homes

Normal business activities were paralysed as residents and motorists battled with the effects of early Monday morning torrential rainfall in Lagos that caused significant traffic gridlock due to flash floods affecting roads and submerging various homes across the metropolis.

Recall that the Nigerian Meteorological Agency, NiMet, had earlier predicted thundery and rainy weather activities across the nation from Monday to Wednesday, warning of possible flash floods in some areas.

NiMet’s weather outlook released on Sunday in Abuja envisaged morning thunderstorms on Monday with moderate rains over parts of Adamawa, Taraba, Sokoto, Kebbi, Zamfara, Jigawa, Kano, and Katsina, in the northern region, as well as Lagos in the southwest States.

The agency envisaged cloudy skies over the southern region with chances of light rain over parts of Ebonyi, Enugu, Imo, Anambra, Abia, Ogun, Edo, Delta, Lagos, Rivers, Cross River, Akwa Ibom, and Bayelsa states during the morning hours.

According to it, light rains are expected over parts of Abia, Imo, Ebonyi, Anambra, Osun, Ogun, Oyo, Ondo, Ekiti, Edo, Delta, Bayelsa, Rivers, Lagos, Cross River, and Akwa Ibom States later in the day.

The agency anticipated the high possibility of floods occurring over parts of Oyo, Ogun, Edo, and Delta States during the forecast period.

NiMet predicted morning thunderstorms on Tuesday over the northern region with moderate rains over parts of Taraba, Katsina, Kebbi, Sokoto, Kaduna, and Zamfara States.

NiMet urged the public to avoid driving under heavy rain, and states with the possibility of flash floods were told to activate the emergency response system immediately.

“Ensure warm clothing for the vulnerable persons due to low night-time temperatures, and ensure that loose objects are fastened to avoid collisions. 

“Disconnect electrical appliances from electrical sockets, and stay away from tall trees to avoid impact from falling branches and broken trees.

Airline operators get airport-specific weather reports (flight documentation) from NiMet for effective planning in their operations,” it said.

The agency advised the residents to stay informed through weather updates from NiMet by visiting its website, www.nimet.gov.ng.

In response to the downpour, Lagos State Government sued for calm from all residents as the state experienced heavy rainfall for over 14 hours with an assurance that the state has put in place resilient infrastructure to combat flash flooding.

Meanwhile, many roads, including Lagos-Abeokuta Expressway, Ikorodu Road, Apapa, Alimosho, Lekki axis, Agege, Oworosonki, Ikotun, as well as the Long Bridge, along Lagos-Ibadan Expressway, among others have been submerged, resulting in traffic snarl and vehicles left stranded with houses and shops flooded. Most of the shops and markets around Ikeja, Agege, Maryland, Oshodi were seen shut as of 10 am.

Many motorists and commuters who dared to move out were stranded for hours on major roads in the metropolis due to the flooded roads and streets.

While the downpour, which started at about 12 midnight into early morning, continued intermittently on Monday. It witnessed heavily flooded roads both on the Island and Mainland sides of the state.

It was gathered that while traffic on some of the roads was standstill during the downpour, some others witnessed slow movement as motorists struggled to wade through the flash floods.

 

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Tinubu Rewards D’Tigress With $100,000, Flats, OON National Honour For Afrobasket Triumph

President Bola Ahmed Tinubu has honoured Nigeria’s national women’s basketball team, D’Tigress, with a cash reward of $100,000 for each player, a flat each, and the prestigious Officer of the Order of the Niger (OON) national honour, following their historic victory at the 2025 FIBA Women’s AfroBasket Championship.

Vice President Kashim Shettima announced the presidential rewards on Monday evening during a special reception held in their honour at the State House Banquet Hall, Abuja.

In addition to the players, members of the coaching and technical crew were each awarded $50,000, a three-bedroom flat, and conferred with the OON national honour.

First Lady Oluremi Tinubu and the Wife of the Vice President, Hajiya Nana Shettima, as well as the Chief of Staff to the President, Hon Femi Gbajabiamila, joined the Vice President to warmly receive the D’Tigresses on behalf of the President.

Speaking during the reception ceremony, the Vice President received the champions, describing their victory as a shining example of the nation’s talent, resilience, and unity.

“You have brought great pride to Nigeria. Your excellence on the court has once again put our nation on the global map for sporting greatness”, Shettima told the team.

The team clinched their fifth consecutive AfroBasket title—and seventh overall—by defeating Mali 78–64 in the final played at the Palais des Sports de Treichville in Abidjan, Côte d’Ivoire.

The remarkable win reaffirmed their dominance in African women’s basketball and continued an unbroken winning streak that began in 2017.

Monday’s ceremony drew top government officials, including the Chairman of the Senate Committee on Youths and Sports Development, Senator Garba Maidoki; and Chairman of the House Committee on Sports, Hon. Kabiru Amadou.

The recognition of D’Tigress follows a similar state reception President Tinubu hosted last week for the Super Falcons, after their record-extending tenth Women’s Africa Cup of Nations (WAFCON) victory in Rabat, Morocco.

 

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Lagos Appeals To LASU Unions To End Strike

    The Lagos State Government has appealed to the Joint Action Committee of all staff unions at Lagos State University to end their ongoing indefinite strike, assuring that the welfare of both staff and students remains a top priority.

The appeal was made on Monday as academic and administrative activities at the institution continue to suffer disruption after the JAC, comprising ASUU LASU, SSANU LASU, NASU LASU, and NAAT LASU, commenced an indefinite strike on Friday, July 31, 2025, over unresolved welfare and salary grievances.

This was contained in a statement made available by the Director of Public Affairs, Ministry of Tertiary Education, Mamud Hassan.

He said the state government acknowledged receiving several formal correspondence from the striking unions on the matter.

He further disclosed that high-level meetings had been held involving the State Head of Service, Mr. Bode Agoro, to address the concerns of the unions, adding that government representatives and the unions had previously agreed to shelve any disruptive action to allow meaningful deliberation.

He added that the State Commissioner for Tertiary Education, Tolani Sule, also called for calm, understanding, and cooperation amongst the unions, emphasising the state government’s efforts to find sustainable and amicable solutions, while ‘the door is still open for continuous dialogue.’

The statement partly read, “In light of the ongoing indefinite strike, the government is earnestly appealing to the leadership of JAC comprising ASUU-LASU, SSANU-LASU, NAAT-LASU, and NASU-LASU to reconsider their position and call off the industrial action.

“The suspension of academic and administrative activities not only disrupts the academic calendar but also negatively affects the future of our students, who are the primary reason for the university’s existence.

“The Lagos State Government assures parents, students, academic and non-academic staff, that we are committed to restoring academic activities and industrial peace at Lagos State University.

“It is believed that a swift resolution can be achieved through constructive engagement, not through the disruption of the University’s operations.

“The Commissioner for Tertiary Education, Tolani Sule, pleads for the peace, understanding, and cooperation of all stakeholders. He urged the union leaders to consider government efforts in funding the University despite the increasing demands on the government cum the challenges of Lagos as a model megacity.

“With strong collaboration, understanding, and trust, we can work together to find a lasting solution that benefits everyone.”

 

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LASTMA Seals Nightclub Over Persistent Traffic Violations

The Lagos State Government, through the Lagos State Traffic Management Authority (LASTMA), has sealed Vaniti Club House on Adeola Odeku Street,

Victoria Island, over repeated violations of the state’s traffic regulations.

The enforcement action, led by LASTMA General Manager Olalekan Bakare-Oki, was carried out by the agency’s Rescue and Compliance Unit, following what authorities

described as the club’s “habitual and deliberate infringement” of the Lagos State Transport Sector Reform Law, 2018.

The club was accused of facilitating illegal roadside parking and encroaching upon public highways, actions which have severely disrupted vehicular movement

and endangered public safety.

Bakare-Oki stated, “Despite extensive sensitization efforts—including public enlightenment campaigns, stakeholder engagements, and multiple warnings—the

management of Vaniti Club House has continued to violate traffic laws and undermine the operational integrity of the state’s traffic system.”

He added that the sealing of the club is indefinite and will remain in place until its management fully complies with all existing traffic laws and regulations.

This move comes on the heels of a public warning issued by LASTMA at the weekend, cautioning owners and operators of event centres, nightclubs, and lounges

to stop obstructing traffic or face severe consequences.

Citing the Transport Sector Reform Law, Bakare-Oki emphasized that any obstruction to free movement or activities that jeopardize the safety of road users

are considered serious offences under Lagos law and attract strict penalties.

“This enforcement action is not a one-off. It marks the beginning of a broader and sustained compliance campaign,” he said, noting that the agency is monitoring

other nightlife venues and recreational facilities, especially those located in high-traffic areas like Victoria Island.

The state government reaffirmed its zero-tolerance policy toward individuals, organizations, or businesses that compromise public order and road safety.

LASTMA urged Lagos residents to report traffic-obstructing venues via its toll-free hotline: 0800-00-LASMA (080000527862).

Bakare-Oki concluded, “The Lagos State Government is committed to fostering a safe, disciplined, and efficiently regulated traffic environment as part

of its vision for a world-class, livable urban landscape.”

He also reiterated LASTMA’s collaboration with security agencies and regulatory bodies to sustain the enforcement drive across the state, regardless of

social or commercial influence.

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D’Tigress Wins Fifth Consecutive Afrobasket Title, Tinubu Commends Team

Nigeria’s D’Tigress have cemented their dominance in African women’s basketball, clinching their fifth consecutive FIBA Women’s AfroBasket title with a commanding 78-64 victory over Mali.

With a hard-fought victory over Mali in the final on Sunday, the Nigerian side became the first country on the continent to win the championship five times in a row.

The victory also extended Nigeria’s astonishing unbeaten run in the competition to 29 straight games—an unbroken streak dating back to 2015.

President Tinubu has commended the skill, resilience, determination, and teamwork that propelled the team to the fifth consecutive title, and the seventh overall.

He praised the team’s determination to bring glory to the country despite losing the first quarter of the match.

“Your superb performance throughout the competition has made Nigeria proud. Like the Super Falcons, you have inspired our young ladies. You embodied the indomitable Nigerian spirit, the power of unity, and the rewards of hard work.

“By winning the AfroBasket trophy for a record fifth consecutive time, you have written your names in history and shown the world what to expect out of Africa,” the President stated.

President Tinubu also lauded Head Coach Rena Wakama and her technical team for their exemplary leadership and the Nigeria Basketball Federation for their steadfast support.

“The Federal Government and Nigerians will never forget the sacrifices and remain grateful for the highly elevating performances.

“The government and the people of Nigeria celebrate you and assure you of our continued support as you prepare for the FIBA Women’s Basketball World Cup next March.

President Tinubu added, “I look forward to receiving the victorious team and the trophy in Abuja, while wishing you all a safe trip.”

 

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76 Die, Dozens Missing As Migrant Boat Capsizes Near Yemen

At least 76 people have been killed and dozens are missing after a boat carrying mostly Ethiopian migrants sank off Yemen, in the latest tragedy on the perilous sea route, officials told AFP on Monday.

Yemeni security officials said 76 bodies had been recovered and 32 people rescued from the shipwreck in the Gulf of Aden. The UN’s migration agency said 157 people were on board.

The accident occurred off Abyan governorate in southern Yemen, a frequent destination for boats smuggling African migrants hoping to reach the wealthy Gulf states.

Some of those rescued have been transferred to Yemen’s Aden, near Abyan, a security official said.

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UN agency the International Organization for Migration earlier gave a toll of at least 68 dead.

The IOM’s country chief of mission, Abdusattor Esoev, told AFP that “the fate of the missing is still unknown.”

Despite the civil war that has ravaged Yemen since 2014, the impoverished country has remained a key transit point for irregular migration, in particular from Ethiopia which itself has been roiled by ethnic conflict.

Each year, thousands brave the so-called “Eastern Route” from Djibouti to Yemen across the Red Sea, in the hope of eventually reaching oil-rich Gulf countries such as Saudi Arabia and the United Arab Emirates.

The IOM recorded at least 558 deaths on the Red Sea route last year, with 462 from boat accidents.

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Last month, at least eight people died after smugglers forced migrants to disembark from a boat in the Red Sea, according to the UN’s migration agency.

The vessel that sank off Abyan was carrying mostly Ethiopian migrants, according to the province’s security directorate and an IOM source.

Yemeni security forces were conducting operations to recover a “significant” number of bodies, the Abyan directorate said on Sunday.

On their way to the Gulf, migrants cross the Bab al-Mandab Strait, the narrow waterway at the mouth of the Red Sea that is a major route for international trade, as well as for migration and human trafficking.

Once in war-torn Yemen, the Arabian Peninsula’s poorest country, migrants often face other threats to their safety.

The IOM says tens of thousands of migrants have become stranded in Yemen and suffer abuse and exploitation during their journeys.

In April, more than 60 people were killed in a strike blamed on the United States that hit a migrant detention centre in Yemen, according to the Huthi rebels that control much of the country.

The wealthy Gulf monarchies host significant populations of foreign workers from South Asia and Africa.

AFP

 

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