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After years of advocacy, open banking is now live in Nigeria, the first country in sub-Saharan Africa to adopt the regulation.The launch marks an important milestone for the countrys payment and FinTech landscape, Samira Nwaturuocha, COO and chief risk and security officer at Lagos-based FinTech firm Sparkle, told PYMNTS in a recent interview, one that simplifies the sharing of customer data in a way that was not possible before. Previously, if a customer in Nig <a href=https://www.stanleycups.co.nz>stanley cup nz</a> eria wanted to get credit from one financial institution <FI>, they would often have to physically generate their banking transactions from another financial institutio <a href=https://www.cups-stanley.uk>stanley cup</a> n and then find a way to transfer that data between the two, Nwaturuocha explained, adding that some FIs even required physical copies of documents.With open banking, however, those challenges will now be exchanged for a more seamless and frictionless data-sharing process, she said, while enabling a greater level of d <a href=https://www.stanley-cups.it>stanley italy</a> ata integration across the banking and financial services landscape.Its impact on financial inclusion cannot be overstated either, she added, explaining how open banking will strengthen digital identity and eliminate the barriers to entry in the financial services sector, particularly for the unbanked and underbanked in rural, remote areas.In terms of know-your-customer KYC management, Nwaturuocha said the ability to access user data from various institutions via open banking will help the ecosystem move beyond the standard regulatory KYC Rpbd eBay Targets Female Sneakerheads In Today s聽Red-Hot Shoe Trend
Mandatory arbitration can make i <a href=https://www.stanleycup.pl>stanley termos</a> t difficult for consumers to sue their credit card companies when those companies are at fault. The Consumer Financial Protection Bureau wants to change that.According to The Washington Post, the CFPB is expected to issue a comprehensive report next week 鈥?issued聽under the聽Dodd-Frank Wall Street Reform and Consumer Protection Act 鈥?that consumer advocates predict will lay the groundwork for new regulations restricting聽how companies can implement聽mandatory arbitration clauses.Credit card companies, as the article聽points out, regularly include details in the fine print of their agreements, prohibiting consumers from filing class action lawsuits should an instance arise. Inherently聽protected from being sued, credit card companies inste <a href=https://www.stanleycup.pl>stanley cup</a> ad force the disenfranchised consumer into a process that consumer advocates deem as being unreasona <a href=https://www.stanleycups.cz>stanley hrnek</a> bly biased toward the聽company. These advocates say that the average consumer, in fact, isn ;t even aware they have聽agreed to聽such clauses. The unfairness 8230;is incredibly widespread, David Seligman, staff attorney at the National Consumer Law Center, told The Washington聽Post. You either agree to give up your right to hold these companies accountable, or you dont use a credit card. Financial firms, on the other hand, argue that the cost saved on legal fees carries over to the consumer. If the card issuers costs go up, so does the consumers price, Nessa Feddis, a senior vice president with the American B
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