BFA Global worked with the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System Plc (NIBSS) to redesign their data infrastructure converting voluminous raw data into easily digestible insights.

The “data stack” consists of:

• A transactional data warehouse that aggregates supply and demand-side data related to payments oversights, AML supervision, competition and financial inclusion.
• Dashboards for CBN supervisors and regulators to access, visualize, and digest relevant data.
• Dashboards for government agencies – e.g., to digitize cash transfers.
• Open data dashboards forBanks, mobile money providers and fintechs – e.g., to redesign products, channels and sale strategies.
• Customers – e.g., to identify access points and compare products and quality of service.
• Investors and donors – e.g., to evaluate investment opportunities and impact. 

The “data stack” allows CBN to implement risk-based, timely supervision, develop and monitor financial inclusion strategies, issue evidence-informed regulation, monitor competition, and generate richer open data sets for public and private use that will drive financial innovation and inclusion. Once the data is properly and securely housed, it is made available to public and private stakeholders in the form of reports and dashboards that can be tailored to their particular requirements and preferences. Rich and interactive data visualizations are included at the front end to facilitate analysis and decision making for each user.

Moreover, the team wrote a report presenting a new vision and blueprint for developing new open data commons building on top of the solutions adopted by the financial authorities.