Lagos: The Chartered Institute of Bankers of Nigeria (CIBN) has inducted 2,020 professionals as chartered bankers, urging them to leverage Artificial Intelligence (AI) to drive innovation and strengthen Nigeria’s financial system. Speaking at the ceremony in Lagos, CIBN President, Prof. Pius Olanrewaju, highlighted the induction as a significant milestone in the careers of the new professionals. He emphasized the importance of joining a community recognized for competence, integrity, and commitment to ethical standards in the banking industry.
According to News Agency of Nigeria, the event’s theme, ‘Smarter Banking: The Power of AI in Accelerating Innovation in the Industry,’ underscored the growing influence of technology on global banking operations. Olanrewaju noted that AI is already playing a crucial role in transforming credit risk modeling, fraud detection, and customer analytics across financial institutions worldwide. He encouraged the newly inducted bankers to responsibly integrate emerging technol
ogies while maintaining strong governance and ethical standards to ensure public trust in the financial system.
Prof. Olanrewaju also highlighted the opportunities presented by Nigeria’s youthful population and increasing digital adoption, which could enhance financial inclusion and improve risk management through AI. However, he pointed out the challenges of high implementation costs and skills gaps that hinder the broader adoption of AI in Nigerian banks. He urged the new chartered bankers to develop technological competence and lead innovations that fortify the country’s banking ecosystem.
During the event, Stanley Jacob, President of the FinTech Association of Nigeria, delivered a keynote address urging banks to utilize AI for driving innovation and enhancing service delivery in the financial sector. Jacob emphasized that AI is revolutionizing banking through fraud detection, improved efficiency, personalized services, and expanded financial inclusion. He warned that institutions failing to adapt to tec
hnological innovations risk becoming obsolete in the rapidly changing financial services industry. Represented by the association’s National Treasurer, Oluwaseun Adesanya, Jacob called for strengthened collaboration among banks, fintech firms, and regulators to foster innovation and build a resilient financial ecosystem in Nigeria.