RegTech and AI Governance in Nigeria's Banking Sector

Tawakalit Ibiyeye addresses the challenges and opportunities in Nigeria's financial sector, particularly regarding RegTech and AI governance. She stresses that compliance cannot be achieved solely through technology, as it requires human oversight to ensure data reliability and fair regulatory practices.

Ibiyeye highlights the risks of automating compliance without understanding context, which could lead to exclusion of customers, especially small traders and rural populations. She advocates for an inclusive compliance system that protects consumers while allowing innovation to thrive under regulatory scrutiny.

The framework she proposes aims to bridge compliance gaps by integrating regulatory policies and enhancing staff capabilities. Ibiyeye notes that the current reliance on legacy systems is inefficient and that organizations must evolve their compliance frameworks to reflect actual performance and adapt to AI-driven environments.

The discussion underscores the necessity of building trust in Nigeria's financial services to support a growing fintech landscape.