The promise of open finance has led to a rapid proliferation in countries exploring implementation globally. However, it also comes with costs and risks—particularly as highly sensitive personal information is being made shareable. For African regulators and policymakers, open finance is an important emerging trend that requires a clear understanding and position—whether that is full implementation or something less. Furthermore, global approaches, standards, and norms have been designed for early adopters and are not always appropriate in the African context  (read more about the development and potential of open finance in Africa on our open finance page).

In partnership with the Hewlett Foundation and SMART Africa, Cenfri has had the privilege of working with the National Bank of Rwanda and the Bank of Zambia over the last two years to conduct detailed open finance feasibility assessments and develop tailored implementation approaches in each country. This synthesis note captures what we have leant so far from global best practices and our on-the-ground experiences in Rwanda and Zambia and outlines the emerging lessons and implications for decision-makers across the continent. We believe it is important that the unique context across the continent is deliberately considered and that copy-paste approaches are avoided. This synthesis note is therefore our first version of the relevant lessons for the continent’s application of open finance. We hope to build on this further in the coming years.