The Chartered Institute of Bankers of Nigeria (CIBN) has inducted 2,020 professionals as chartered bankers, urging the new members and the broader banking sector to embrace artificial intelligence (AI) as a tool for innovation and enhanced financial services.
The induction ceremony, held on Saturday in Lagos, was themed “Smarter Banking: The Power of AI in Accelerating Innovation in the Industry.”
Prof. Pius Olanrewaju, President and Chairman of the CIBN Council, described the event as a significant milestone for the new chartered bankers. He said they had joined “a distinguished community of banking professionals recognised for competence, integrity and commitment to ethical standards within the financial services industry.”
Highlighting the importance of technology in modern banking, Olanrewaju said,
“AI is transforming credit risk modelling, fraud detection and customer analytics, enabling financial institutions to enhance operational efficiency and improve service delivery. I encourage you to embrace these emerging technologies responsibly while maintaining strong governance, ethical standards, and public trust in the financial system.”
He also pointed to Nigeria’s youthful population and growing digital adoption as opportunities for deeper integration of AI in banking, while noting that high implementation costs and skills gaps remain challenges for the sector.
In a keynote address, Mr Stanley Jacob, President of the FinTech Association of Nigeria, emphasised that AI-driven innovation is critical for the banking industry.
“AI is already transforming banking through enhanced fraud detection, operational efficiency, personalised services, and broader financial inclusion. Institutions that fail to embrace technological innovation risk losing relevance in the rapidly evolving financial services industry,” he said.
The ceremony concluded with a clarion call for greater collaboration among traditional banks, fintech firms, and regulators to build a more resilient and inclusive financial system capable of global competition.
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