The National Information Technology Development Agency (NITDA) has said digital technology will play a defining role in the future of Nigeria’s banking industry, stressing that financial institutions must look beyond raising capital and focus on using innovation to protect, preserve and grow it.
In a statement released by the agency, the Director-General of NITDA, Kashifu Inuwa, made the remarks while speaking as a panellist at the Future of Banking Nigeria Summit organised by CNBC Africa in Lagos.
Speaking during a session titled “The Efficiency Frontier – AI, RegTech and Cyber Resilience,” Inuwa said Nigeria’s banking sector has remained resilient through major reforms such as consolidation and recapitalisation, but noted that the industry is entering a new era where digital capability will determine long-term success.
According to him, trust in the banking sector will increasingly depend on resilient digital infrastructure, Artificial Intelligence (AI), cybersecurity and Regulatory Technology (RegTech), which are becoming essential to improving financial services and strengthening customer confidence.
He said AI is enabling financial institutions to improve operational efficiency, enhance decision-making, drive revenue growth and deliver more personalised services to customers in an increasingly digital economy.
Inuwa added that Regulatory Technology is helping banks strengthen regulatory compliance, improve corporate governance, reduce operational costs and build resilience against emerging risks facing the financial sector.
The NITDA Director-General said regulators must also keep pace with technological change by developing policies and regulatory frameworks that encourage responsible innovation, protect consumers and sustain confidence in Nigeria’s financial system.
He reaffirmed the agency’s commitment to driving the adoption of emerging technologies and supporting the development of a secure, innovative and resilient digital economy in line with the Federal Government’s digital transformation agenda.
According to Inuwa, collaboration between regulators, financial institutions and technology providers will be critical to accelerating digital transformation and ensuring Nigeria’s banking sector remains competitive in an increasingly technology-driven global economy.
NITDA said its participation at the summit reflects the agency’s continued efforts to promote digital innovation, strengthen cybersecurity and support the development of a resilient technology ecosystem capable of driving sustainable economic growth across the country.
