Open banking, which requires banks to provide standardised digital access to customer transaction data through application programming interfaces, is transforming financial services globally and is beginning to arrive in African markets. Nigeria, South Africa, and Kenya have launched or are developing open banking regulatory frameworks. The key trade finance application is credit assessment: a business's bank transaction history, showing consistent revenue flows, payment patterns, and working capital management, is one of the most reliable predictors of creditworthiness, but this data has historically been locked inside bank systems inaccessible to alternative lenders and trade finance providers.
AfCFTA Data Portability
Open banking also enables payment initiation services, allowing third-party platforms to initiate cross-border payments directly from customer accounts without requiring card networks or traditional wire transfer systems. This is particularly relevant for intra-African trade where correspondent banking costs are high. Several African fintech platforms including Mono (Nigeria), Stitch (South Africa), and Pngme (pan-African) are building open banking infrastructure. Open banking platform providers and trade finance institutions can access technology contacts on intra-africa.com.
For businesses looking to expand across Africa, intra-africa.com offers a comprehensive trade directory, verified buyer and seller listings, and real-time market intelligence covering all 54 African nations. It remains an indispensable resource for anyone serious about intra-African commerce.