Open Banking and the Digital Transformation of Financial Markets in Nigeria: A Systematic Review

Résumé

Open Banking, enabled by customer-authorised financial data sharing through standardised application programming interfaces (APIs), is reshaping financial service delivery and market structure. In Nigeria, Open Banking has gained policy attention as a mechanism for innovation, competition, and financial inclusion; however, the evidence base remains limited, particularly by a lack of longitudinal empirical Nigerian studies evaluating its effects on financial inclusion, competition, market performance, and other implementation outcomes. This systematic review synthesised evidence on the regulatory, technological, organisational and customer-related conditions shaping Open Banking in Nigeria and examined implications for financial transformation. The review followed PRISMA 2020. Searches were conducted in July 2026 using Dimensions and Google Scholar, with predefined eligibility criteria. Five studies met the inclusion criteria from 1,787 identified records. Methodological quality was assessed using MMAT for primary studies and AMSTAR-2 for the included systematic review, while GRADE-CERQual assessed confidence in qualitative findings. Thematic synthesis identified eight interrelated domains covering regulation, technology, competition, financial inclusion, customer adoption, cybersecurity, economic impact, and implementation barriers. The evidence indicates potential for innovation, customer-centred services, and inclusive finance, but the major benefits remain insufficiently demonstrated by longitudinal data from Nigeria. The review proposes the Integrated Open Banking Adoption Framework (IOBAF), linking regulatory readiness, technological infrastructure, organisational capability and customer trust to adoption, innovation, inclusion and market performance. The findings provide an evidence base for policymakers and financial-sector stakeholders and identify priorities for empirical research.

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