AI, RegTech key to Nigeria’s next banking revolution – NITDA DG
The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has said the next phase of growth in Nigeria’s banking sector will be driven less by capital accumulation and more by the ability of financial institutions to build digital trust through artificial intelligence (AI), regulatory technology (RegTech) and cyber resilience.
Speaking during a panel session titled “The Efficiency Frontier – AI, RegTech and Cyber Resilience” at the Future of Banking Nigeria Summit organised by CNBC Africa in Lagos, Inuwa said while Nigeria’s banking industry has successfully navigated major reforms over the past two decades, emerging digital threats now require a new approach.
He noted that the sector has demonstrated resilience through key milestones, including the 2005 banking consolidation, the 2009 banking reforms and the ongoing bank recapitalisation exercise.
According to him, the focus has shifted from merely raising capital to protecting and growing it in an increasingly digital economy.
“Today’s question is no longer whether we can raise capital, but whether we can protect, preserve and grow that capital in the digital era. Trust has become the foundation of modern banking, and that trust must be built on resilient digital infrastructure and effective regulation,” he said.
Inuwa observed that digital channels have become the primary interface between banks and customers, making technology resilience, cybersecurity and uninterrupted service delivery critical to sustaining public confidence in the financial system.
He described artificial intelligence as a strategic tool capable of transforming banking operations by improving productivity, enhancing decision-making, increasing revenue and delivering personalised financial services that meet the expectations of digitally connected customers.
The NITDA boss also underscored the growing importance of regulatory technology, saying its adoption could simplify compliance, reduce operational costs, improve transparency and strengthen governance across financial institutions.
