AI and RegTech Set to Transform Nigeria’s Banking Industry – NITDA

The Director-General of the National Information Technology Development Agency (NITDA) has projected that artificial intelligence (AI) and regulatory technology (RegTech) will play a transformative role in the future of Nigeria’s banking and financial services sector.

Speaking at a recent industry engagement, the NITDA chief emphasized that the adoption of emerging digital technologies is expected to improve operational efficiency, strengthen regulatory compliance, enhance cybersecurity, and deliver better financial services to millions of Nigerians.

According to the agency, AI-powered solutions are already reshaping global banking by enabling faster customer service, improving fraud detection, automating routine processes, and supporting more informed financial decision-making. RegTech, on the other hand, is helping financial institutions meet regulatory requirements more efficiently through automated compliance monitoring and risk management systems.

The Director-General noted that embracing innovation will be critical to maintaining the competitiveness of Nigeria’s financial sector as digital transformation accelerates across the global economy.

He also reaffirmed NITDA’s commitment to supporting policies and initiatives that encourage responsible innovation, digital skills development, and collaboration between government, financial institutions, and technology companies.

Industry stakeholders believe that wider adoption of AI and RegTech could strengthen financial inclusion, improve consumer confidence, and position Nigeria as a leading hub for digital finance in Africa.