Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), has told a CNBC Africa panel in Lagos that Nigeria’s banking sector must shift its focus from capital accumulation to building digital trust through artificial intelligence (AI), regulatory technology (RegTech), and cyber resilience. While the industry has shown resilience through milestones like the 2005 consolidation, the 2009 reforms, and current recapitalization, emerging digital risks now require banks to prioritize protecting and growing capital in a digital economy.
With digital channels as the primary customer interface, uninterrupted service delivery, robust cybersecurity, and resilient technology infrastructure are essential to maintaining confidence in the financial system. Inuwa described AI as a strategic tool that can boost productivity, strengthen decision-making, increase revenue, and enable personalized services, while RegTech can simplify compliance, cut operational costs, improve transparency, and reinforce corporate governance.
He urged regulators to move faster alongside technological change, collaborating with innovators to create frameworks that encourage innovation while protecting consumers and preserving market confidence. Citing Nigeria’s expanding fintech ecosystem, he noted that technology now allows customers to open accounts and transact remotely, and that AI-powered credit assessment and digital financial management platforms can help banks better evaluate SMEs, reduce lending risks, and expand access to finance.
On responsible AI adoption, NITDA’s National Artificial Intelligence Strategy offers a framework for sector deployment in partnership with regulators such as the Central Bank of Nigeria, and the agency is developing national standards for sovereign cloud infrastructure and data classification to protect sensitive financial and national data. Inuwa concluded that stronger collaboration among regulators, technology innovators, and financial institutions is essential to build a secure, resilient, and globally competitive financial ecosystem capable of supporting Nigeria’s long-term economic growth.
