The FinTech Association of Nigeria has commended recent regulatory measures introduced by the Central Bank of Nigeria (CBN), saying they will strengthen banking security, curb fraud and boost public confidence in the financial system.
Mr. Oluwaseun Adesanya, National Treasurer of the FinTech association, said this in an interview in Lagos.
Adesanya spoke on the sidelines of an induction and award ceremony organised by the Chartered Institute of Bankers of Nigeria (CIBN) while reacting to the apex bank’s latest policies.
According to him, the CBN introduced four reforms within two days between Tuesday and Thursday as part of efforts to enhance the safety of Nigeria’s digital banking ecosystem.
Adesanya, a senior member of CIBN, said the policies — including restricting banking applications to a single device — were designed to safeguard the financial system and protect customers.
He noted that the measures would strengthen security, improve customer protection and reinforce confidence in digital banking platforms.
According to him, stronger security frameworks will also enhance convenience for customers and deepen trust in financial institutions.
Adesanya added that the reforms could help banks reduce losses from non-performing loans by strengthening credit management frameworks.
“This will bring more sanity into the financial system and help banks avoid making provisions for loans that are no longer performing,” he said.
He noted that the regulatory initiatives were aimed at creating a safer operating environment for stakeholders across the financial services industry.
Adesanya said the introduction of several reforms within a short period reflected the urgency of addressing emerging risks in the financial ecosystem.
“There is no better time than now because the industry needs improvements that will deliver value to stakeholders,” he said.
He also highlighted the growing role of Artificial Intelligence in detecting and preventing fraud in digital banking systems.
According to him, AI tools can analyse transaction patterns and flag activities that deviate from a customer’s normal behaviour.
Such predictive capabilities, he said, enable financial institutions to detect potential fraud before financial losses occur.
“For instance, if a customer normally transacts during the day but an activity appears around 2 a.m., AI systems can quickly flag it,” he said.
Adesanya urged financial institutions to adopt advanced technologies, warning that organisations that ignore innovation risk being left behind.
He also called for greater public awareness and consumer education on digital financial services.
Adesanya advised customers to remain vigilant, ask questions and seek information to better understand evolving financial technologies.
He added that collaboration among regulators, financial institutions and consumers remains vital to building a trusted digital financial system.
