The FinTech Association of Nigeria says recent regulatory measures by the Central Bank of Nigeria (CBN) will strengthen banking security, curb fraud and boost trust.
Adesanya spoke on the sidelines of an induction and award ceremony organised by the Chartered Institute of Bankers of Nigeria (CIBN) while reacting to recent policies by the apex bank.
The CBN introduced four reforms within two days between Tuesday and Thursday.
Adesanya, a senior member of CIBN, said the policies, including restricting banking applications to a single device, were designed to safeguard the financial ecosystem.
He said the regulator introduced the measures to improve security, protect customers and strengthen confidence in digital banking platforms.
According to him, improved security will enhance convenience for customers and reinforce trust in financial institutions.
Adesanya added the reforms would also help banks reduce losses from non-performing loans by strengthening credit facility 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 environment for stakeholders across the financial services industry.
Adesanya said introducing several reforms simultaneously was necessary to address emerging challenges within the financial ecosystem.
“There is no better time than now because the industry needs improvements that will deliver value to stakeholders,” he said.
He highlighted the growing role of Artificial Intelligence in detecting and preventing fraud in digital banking systems.
Adesanya explained that AI tools could analyse transaction patterns and flag activities that deviate from a customer’s normal behaviour.
According to him, such predictive capabilities 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.
He urged financial institutions to adopt advanced technologies, warning that organisations ignoring innovation risk being left behind.
Adesanya also called for greater public awareness and consumer education on digital financial services.
He advised customers to remain vigilant, ask questions and seek information to better understand evolving financial technologies.
Adesanya added collaboration among regulators, financial institutions and consumers remained vital to building a trusted digital financial system.
