Open Finance is being explored across the world as a means to facilitating the sharing of consumer data between financial service providers (FSPs) and/or third-party providers, based on consumer consent, for the benefit of FSPs, policymakers, regulators, and consumers above all else. Whilst the promise of open finance and data sharing is significant in principle, in practice, the implementation of data sharing approaches which are not fit for the local contextual realities in under-developed markets can introduce extensive risks by increasing cyber risk and data theft for individuals and FSPs and increasing the operational cost for providers without realising the benefits

In light of its potential benefits and risks, the National Bank of Rwanda is working in partnership with Cenfri, Smart Africa and the Hewlett Foundation to evaluate the appropriateness of an open finance regime in Rwanda and how it might implemented in a way that’s context-specific and meaningful for consumers and market actors. Following numerous engagements with the market to date, the NBR hosted a private-public multi-stakeholder workshop to validate existing feasibility considerations as well as solicit additional feedback from the market on the potential implementation of open-finance.

If you are interested in learning more about this project or in collaborating with us, please email jeremy@cenfri.org.