AI, Cyber Resilience Now Key to Banking Growth — NITDA DG
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AI, Cyber Resilience Now Key to Banking Growth — NITDA DG
By Alabidun Shuaib AbdulRahman
The Director-General of the National Information Technology Development Agency, NITDA, Kashifu Inuwa, has said the future growth of Nigeria’s banking sector will depend more on digital trust, artificial intelligence, regulatory technology and cyber resilience than on capital accumulation.
Inuwa stated this 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 although the banking sector had successfully navigated major reforms over the past two decades, emerging digital threats now require a new strategy focused on protecting financial assets and strengthening public trust.
According to him, the industry has demonstrated resilience through milestones such as the 2005 banking consolidation, the 2009 banking reforms and the ongoing bank recapitalisation exercise.
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He, however, noted that the current challenge is no longer raising capital but safeguarding 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.
The NITDA boss said digital channels had become the primary interface between banks and customers, making cybersecurity, resilient technology infrastructure and uninterrupted service delivery essential for sustaining confidence in the financial system.
He described artificial intelligence as a strategic tool capable of improving productivity, strengthening decision-making, increasing revenue and delivering personalised financial services to customers.
Inuwa also noted the importance of regulatory technology, saying its adoption would simplify compliance, reduce operational costs, improve transparency and strengthen corporate governance across financial institutions.
He stressed that regulation must evolve alongside innovation, noting that NITDA adopts a blend of regulatory frameworks and collaborative approaches that encourage innovation while ensuring consumer protection.
He further called for stronger collaboration among regulators to expand access to finance for Small and Medium-sized Enterprises.
According to him, AI-powered credit assessment and digital financial management tools can help lenders better evaluate business performance, reduce lending risks and improve credit access for underserved businesses.
The NITDA DG disclosed that the agency’s National Artificial Intelligence Strategy provides a framework for deploying AI across critical sectors in partnership with regulators, including the Central Bank of Nigeria for the financial services industry.
He added that the agency was developing National Standards for Sovereign Cloud infrastructure and data classification to strengthen Nigeria’s digital sovereignty and protect sensitive national and financial data.
Inuwa said sustained collaboration among regulators, technology innovators and financial institutions would be critical to building a secure, resilient and globally competitive financial ecosystem capable of driving sustainable economic growth.
