On 30 September, the challenges of implementing Open Finance policies were explored in a webinar organized by AFI’s Digital Financial Services Working Group, attended by over 100 participants.
Experts from Nigeria, Brazil and India shared their countries’ experiences in developing inclusive and sustainable open finance ecosystems.
Waiyeola Ajakaiye from Central Bank of Nigeria emphasized that a phased approach which moves from a centralized framework toward hybrid and decentralized models is essential to ensure adaptability and scalability.
Matheus Rauber from Banco Central do Brasil talked through the country’s open finance governance structure, which provides services such as participant directory, service desk, dispute resolution, and ecosystem monitoring.
BG Mahesh from Sahamati described the consent-based architecture that defines India’s Account Aggregator framework, where consent artefacts clearly define who can access what data, for what purpose, and for how long, building accountability and trust.
Summing up the discussions, Inés Páez, Director of Innovation and Financial Inclusion at SB República Dominicana said that “successful open finance starts by assessing institutional capacity and engaging stakeholders. Strong governance, proportional regulation and unified technical standards are key, while consent management empowers consumers and builds trust. We also need to integrate with existing payment systems to accelerate adoption and expand use cases.”
AFI’s recently published a Policy Development and Implementation Guide for Inclusive Open Finance provides a comprehensive framework for policymakers and regulators to design and implement inclusive data-sharing ecosystems.
Key Takeaways
- Clear Accreditation and Licensing: Nigeria and Brazil both emphasized the need for structured accreditation and licensing to ensure trust and accountability. Nigeria established a multi-tier framework, moving from policy to guidelines to registry, while Brazil limits participation to licensed institutions under central bank oversight.
- Use Cases that Benefit Consumers: Emerging use cases across the three countries include account aggregation, credit insights, investment comparisons, and payment automation. These innovations enhance inclusion, efficiency, and competition. Nigeria focuses on interoperability, Brazil on consumer empowerment, and India on consent-based data sharing.
- Technology, Security, and Oversight: Speakers agreed that standardized APIs, clear technical protocols, and robust monitoring tools such as registries, governance structures, and consent dashboards are essential for secure and inclusive ecosystems. Strong data governance and risk management will ensure systems can evolve from centralized to hybrid and decentralized models while maintaining regulatory clarity and fostering innovation.