NITDA Emphasizes AI and Cyber Resilience for Nigeria's Banking Future

Kashifu Inuwa, the Director General of NITDA, stated that Nigeria's banking sector will increasingly rely on artificial intelligence (AI), regulatory technology (RegTech), and cyber resilience rather than capital accumulation. This shift was discussed during the Future of Banking Nigeria Summit in Lagos, where he highlighted the need for financial institutions to build digital trust. Inuwa noted that the banking industry has successfully navigated significant reforms over the past two decades, but emerging digital risks necessitate a new approach to asset and customer protection. He emphasized the importance of uninterrupted service delivery and robust cybersecurity as essential for maintaining customer confidence. AI is seen as a transformative technology that can enhance productivity and decision-making in banking operations. The growing fintech ecosystem in Nigeria is facilitating remote access to banking services, which further underscores the need for strong cybersecurity measures. NITDA's National Artificial Intelligence Strategy aims to guide responsible AI adoption across critical sectors.

Key Points: • NITDA's DG emphasizes AI and cyber resilience as key to future banking growth in Nigeria. • Digital trust and robust cybersecurity are critical for maintaining customer confidence. • The fintech ecosystem is transforming financial services, enabling remote banking access.