Mojaloop Open API for FSP Interoperability Specification vs Open Banking Nigeria API Standard

The Mojaloop specification set defines an open API for interoperable transactions between financial service providers, enabling a payer at one provider to pay a payee at another. It documents the FSP Interoperability (FSPIOP), Administration, Settlement and Third-party Payment Initiation APIs and is published under a Creative Commons license. It is the reference standard behind several national instant payment switches used in Africa and beyond.

The Open Banking Nigeria API Standard is a RESTful specification for secure data sharing and payment initiation between Nigerian banks and third-party providers. It defines Registration, Meta Directory, Data-Inquiry (Open Data) and Payment API categories and is maintained by the Open Technology Foundation. It aligns with the Central Bank of Nigeria's open banking regulatory framework, for which the CBN issued Operational Guidelines in 2023.