NITDA Calls for Digital Transformation in Banking Supervision

Kashifu Inuwa, the Director-General and Chief Executive Officer of the National Information Technology Development Agency (NITDA), called on the Central Bank of Nigeria (CBN) to transition from digitizing supervisory processes to achieving complete digital transformation. Speaking at the CBN’s Committee of Departmental Directors’ Retreat, Inuwa noted the rapid evolution of financial services necessitates a sophisticated supervisory capability.

He highlighted the shift in banking from physical branches to embedded customer experiences, where financial services integrate seamlessly into daily activities. Inuwa pointed out that operational failures in non-bank entities can pose risks to supervised institutions, necessitating an update to financial supervision architecture.

He advocated for “intelligent supervision” incorporating AI-assisted analysis and early-warning systems. In addressing operational risk, he emphasized the importance of viewing cybersecurity through the lens of digital operational resilience, focusing on recovery and adaptation.

Inuwa linked digital resilience to national digital sovereignty, advocating for local infrastructure and data governance while aligning with CBN’s sovereign-cloud directives.