Nigeria: Ongoing Innovations in the Banking Industry – CBN

The banking industry is experiencing significant innovation globally, according to Dr. Adetona Adedeji, Acting Director of the Banking Supervision Department at the Central Bank of Nigeria (CBN). Speaking at the 30th Nigerian Economic Summit (NES) in Abuja, Adedeji highlighted how these innovations are enhancing the consumer experience by making financial services more seamless.

Adedeji emphasized the CBN’s commitment to fostering technological advancements, particularly in the area of electronic channels, to improve banking operations. “We have introduced several innovations into the banking industry, especially in e-channels, but moving forward, our major focus is leveraging artificial intelligence,” he said.

He further noted that banking relies heavily on trust and confidence, stressing that any erosion of confidence in the financial system could lead to significant challenges.

In addition to fostering innovation, Adedeji mentioned that the CBN is actively working to reduce inflation in Nigeria. He urged Nigerians to remain patient as the CBN implements policies aimed at stabilizing the economy. “We are doing everything within our power to phase out inflation. Every policy we roll out is designed to help us achieve that goal, and we ask for the public’s understanding and patience as we navigate these challenges,” he added.

Similarly, Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, reiterated the government’s efforts to create a more favorable business environment. He noted that policies aimed at reducing the tax burden on businesses and encouraging exports are in place, with incentives for companies and global groups willing to invest in Nigeria.

“Our focus is on finding ways to incentivize companies globally that are interested in investing here, which will ultimately boost our economy,” Oyedele stated.

These efforts reflect a broader strategy by both the CBN and government agencies to drive economic growth and innovation in Nigeria’s financial and business sectors.