AI, RegTech, Cyber Resilience Will Shape Future of Banking — NITDA DG

The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has said that artificial intelligence (AI), regulatory technology (RegTech), and cyber resilience will define the future of Nigeria’s banking sector as the industry accelerates its digital transformation.

Inuwa made the remarks 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.

He said the banking industry must move beyond capital accumulation and focus on building digital trust through innovation, strong cybersecurity, and effective regulation.

According to the NITDA Director-General, although Nigeria’s banking sector has undergone significant reforms over the past two decades, the rise of digital threats requires financial institutions to adopt a new approach to technology and risk management.

He urged banks to strengthen their cybersecurity systems, improve digital infrastructure, and embrace AI-powered technologies to remain competitive in an increasingly digital economy.

Inuwa described artificial intelligence as a strategic tool capable of boosting productivity, enhancing decision-making, increasing revenue, and delivering personalised financial services to customers.

He also highlighted the growing role of regulatory technology (RegTech), saying it can simplify regulatory compliance, lower operational costs, improve transparency, and strengthen governance across financial institutions.

The NITDA chief stressed that regulation must evolve alongside technological innovation, noting that regulators and innovators should work together to develop policies that promote innovation while safeguarding consumers.

He revealed that NITDA’s National Artificial Intelligence Strategy provides a framework for deploying AI across critical sectors of the economy in collaboration with regulators, including the Central Bank of Nigeria (CBN).

Inuwa called for stronger collaboration among regulators, technology innovators, and financial institutions to build a secure, resilient, and globally competitive financial ecosystem capable of driving sustainable economic growth.