AI, Cyber Resilience to Shape Future of Banking, Says NITDA DG

Kashifu Inuwa Abdullahi CCIE 
DG NITDA 

"The country's banking sector had successfully navigated major reforms, including the 2005 banking consolidation, the 2009 banking reforms and the ongoing recapitalization exercise." Inuwa.

..... Says "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." 

The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has said Nigeria's banking industry must now shift its focus from capital accumulation to building 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 the country's banking sector had successfully navigated major reforms, including the 2005 banking consolidation, the 2009 banking reforms and the ongoing recapitalisation exercise.

He noted, however, that the next phase of growth would depend on protecting and sustaining capital in an increasingly digital economy rather than merely raising it.

"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," he said.

According to the NITDA boss, as digital platforms become the dominant channel for financial transactions, banks must prioritise resilient digital infrastructure, robust cybersecurity and uninterrupted service delivery to sustain public confidence.

He described AI as a game-changing technology capable of improving productivity, enhancing decision-making, increasing revenue and delivering personalised banking services, while RegTech can simplify regulatory compliance, reduce operational costs and strengthen governance across financial institutions.

From left: Wole Famurewa, Ayotunde Coker, Managing Director, Rack Centre; the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa; Prof. Olayinka David West of Lagos Business School; and Femi Osinubi, Africa Advisory Leader, PwC, during the panel session, "The Efficiency Frontier – AI, RegTech and Cyber Resilience," at the Future of Banking Nigeria Summit organised by CNBC Africa in Lagos.

Inuwa stressed that regulation must evolve alongside innovation, noting that NITDA is adopting a collaborative approach that allows emerging technologies to flourish while appropriate standards and safeguards are developed.

He cited Nigeria's vibrant fintech ecosystem as evidence of how technology has transformed financial services by enabling customers to access banking products and complete transactions remotely.

The NITDA chief also advocated stronger collaboration among regulators to improve access to finance for Small and Medium-sized Enterprises (SMEs), explaining that AI-powered credit assessment and digital financial management tools could reduce lending risks and expand credit to underserved businesses.

He disclosed that NITDA's National Artificial Intelligence Strategy, developed in collaboration with sector regulators, including the Central Bank of Nigeria (CBN), provides a framework for responsible AI deployment in financial services.

Inuwa added that the agency is developing National Standards for Sovereign Cloud infrastructure and data classification to strengthen Nigeria's digital sovereignty and safeguard sensitive financial and national data.

He maintained that deeper collaboration among regulators, technology innovators and financial institutions remains essential to building a secure, resilient and globally competitive banking ecosystem capable of driving sustainable economic growth.

The summit also featured industry leaders, including Dr. Ayotunde Coker, Chief Executive Officer of Open Access Data Centres and former Managing Director of Rack Centre, alongside other stakeholders who examined the future of banking in the digital age.