CBN needs digital-first regulation for evolving banking ecosystem — NITDA DG

The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has said traditional regulation can no longer secure Nigeria’s financial system.

Inuwa said that modern banking now operates as a digital ecosystem that needs real-time supervision, stronger resilience and digital sovereignty.

Speaking at the Central Bank of Nigeria (CBN) Committee of Departmental Directors’ retreat in Lagos, Inuwa said regulators like the country’s apex financial institution must move from monitoring individual banks to overseeing the wider network of telecoms, cloud services, fintechs, data systems and other platforms that now power finance.

“To achieve financial stability, we need digital stability,” he said.

He warned that periodic returns are no longer enough and called for end-to-end visibility across the system.

He also said operational resilience must now cover third-party risk, cloud governance, data protection, AI oversight and infrastructure sustainability.

Inuwa linked financial stability to Nigeria’s control of critical digital infrastructure, saying sovereignty over technology is essential to protecting the financial system.

CBN Governor Olayemi Cardoso, speaking virtually, said the Bank is in a good place after ongoing reforms and that the goal is to embed change into the institution’s culture.

He said staff have nothing to fear, adding that reforms are meant to protect career officers.

CBN directors’ committee chairman Jimoh Musa Itoba urged directors to act as the major anchors of the Bank, while Board Secretary Rashida Monguno called for innovation, collaboration and strategic thinking to strengthen performance and service delivery.