Nigeria’s banking industry is undergoing one of its most significant transformations in decades. Once viewed as conservative and resistant to change, traditional banks are now racing to modernize their systems, partner with fintech startups, and embrace technologies such as cloud computing, APIs, and artificial intelligence. At the heart of this evolution are executives like Akeem Adesina, First Bank’s Chief Information Officer, who has led large-scale digital transformation projects in the country’s financial sector.
In this wide-ranging interview, Adesina discusses how Nigeria’s fintech landscape is shifting from disruption to collaboration, the pressures banks face in updating legacy systems, and why regulatory clarity and enterprise architecture maturity are now critical to survival. He also explains how data analytics, mobile money, and AI are driving inclusion and innovation, and what Nigerian banks must do to stay relevant in a rapidly changing digital economy.
How do you see the current landscape of fintech innovation evolving in Nigeria, especially in relation to traditional banking institutions?
Nigeria’s fintech scene is quickly moving from a disruptive phase to one of structured maturity. This is happening because of clearer rules, better technology, and a move toward working with traditional banks. The rise of embedded finance, open banking, and API-driven integration is all changing how financial services are provided. These are some of the most important trends in the industry right now. At the same time, the Central Bank of Nigeria (CBN) and other regulatory bodies are keeping a closer eye on licensing, KYC, and digital lending practices. This makes the environment more stable and trustworthy, fostering innovation.
Traditional banks, which used to be opposed to fintech disruption, are now more open to working with fintech’s to combine their strong balance sheets and regulatory trust with fintechs’ flexibility and user-focused approach. A lot of them are starting digital subsidiaries, investing in fintechs, or working with them to develop products that will accelerate change and reach markets that haven’t been served before. The move toward open banking and updating digital infrastructure is changing the role of current players from financial gatekeepers to ecosystem enablers.
The Nigerian fintech industry is likely to come together around compliance and interoperability, as well as partnership-driven innovation, data-driven credit models, and AI-enabled fraud prevention. The players who will win, whether they are fintechs or banks, are those who build products ready for regulation, leverage API ecosystems, and fit into everyday digital experiences.
In the next phase of the market, it’s no longer about competition. It’s about co-creation, where fintech’s speed meets banking’s trustworthiness to promote financial growth that is open to everyone and lasts.
What are the biggest challenges banks in Nigeria face when implementing digital transformation strategies, and how can these be overcome?
Nigeria’s banking sector is at a turning point, where digital transformation is no longer an option but a matter of life and death. The hardest part is finding a balance between stability and innovation. This means updating old systems that have worked well for decades while adding new, flexible, and data-driven features. Many banks still use monolithic architectures, which slow down operations and make it harder to connect different systems. So, we need to focus on strategic modernization instead of completely breaking things apart.
This means separating old cores, using APIs to make things work together, and supporting open banking to help the ecosystem grow while keeping operations strong.
That said, technology alone won’t bring about change; culture and skills are just as important. The real problem is often that organizations have entrenched silos, old ways of thinking, and not enough digital skills. As CIOs, we need to change the culture so that innovation is second nature to us. This means giving teams the freedom to try new things, fail quickly, and keep learning.
Setting up agile delivery models, digital centers of excellence, and strong governance frameworks will ensure that changes are led by the business, not by technology. Since there is still significant competition for skilled digital professionals, talent development and retention must also be at the heart of the strategy.
Lastly, the future of Nigerian banking will be shaped by clear rules, cybersecurity, and how well customers are treated. The rules are changing, so every product and process needs to be designed to comply with them. As digital channels grow, we need to actively invest in robust cybersecurity, data privacy, and AI-driven fraud prevention to maintain people’s trust. Our ability to use data for personalization and insight will set leaders apart from those who don’t. In this new age, success depends on building a business that can handle digital challenges.
This means combining regulatory trust with the speed, intelligence, and user-focused focus that the modern financial ecosystem needs.
What’s the impact of mobile money and digital wallets on financial inclusion in Nigeria’s underserved populations?
Mobile money and digital wallets have changed how people in Nigeria access financial services, especially those without bank or other financial institution accounts. These platforms have enabled millions of Nigerians, especially those living in rural areas, to send, receive, and store money safely without a bank account.
Mobile money has built a low-cost, high-reach financial system that makes it easier for people to access essential financial services such as savings, bill payments, and microcredit. This was made possible by USSD technology, agent networks, and the spread of smartphones. This opening of access has been very helpful in closing the financial inclusion gap, especially for women, smallholder farmers, and informal traders who previously could not use formal banking systems.
Digital wallets have transformed how people participate in the digital economy beyond just access. They enable small businesses and micro-entrepreneurs to operate online, build their digital financial histories, and access credit, insurance, and other value-added services. Integrating fintech and telecom platforms has also accelerated transactions, decreased reliance on cash, and boosted economic resilience. This was especially evident during the COVID-19 pandemic, when digital channels-maintained commerce and remittances. Thanks to super-apps and payment service banks (PSBs), financial inclusion is no longer limited to cities. It is now reaching rural areas through mobile connectivity.
But there are still problems. There are still gaps in digital literacy, network reliability, agent liquidity, and consumer protection that make it hard to fully adopt. Nigeria needs to focus on strengthening its ecosystem to ensure inclusion lasts. This means improving infrastructure, enabling wallets and banks to work together, and ensuring clear rules that protect users while also encouraging innovation. In the end, mobile money and digital wallets have changed the way we think about banking from a privilege to a service that everyone can use. This has made Nigeria one of Africa’s most dynamic markets for inclusive digital finance.
How has your experience with implementing cloud-native core banking and payments technologies influenced your approach to fintech partnerships?
Leading the implementation of cloud-native core banking and payments platforms has changed the way I think about fintech partnerships.
They used to be just about technology, but now they help me grow my business. Cloud-native architectures give us the flexibility, scalability, and ability to integrate with other systems we need to connect easily to fintech ecosystems. This lets us not only digitize existing services but also develop new ways to make money and improve customer experiences. I now see fintech collaboration as a way to speed up business: it helps companies reach new markets faster, add more products to their portfolios, and offer personalized, data-driven services at scale, all while keeping their operations running smoothly and in compliance.
This experience has taught me that the best partnerships are built on shared goals and the creation of value for each other. Fintechs bring speed, new ideas, and user-centered design, while we bring trust in money, strong distribution, and extensive regulatory knowledge. As Group CIO, I’ve been developing platform-based integration frameworks, including standardized APIs, secure data exchange, and compliance-by-design models, that make it easy for fintechs to connect to our ecosystem. This approach accelerates the time to market for new ideas while ensuring governance, security, and business continuity are maintained.
In the end, using cloud-native technologies has helped me shift IT from a cost center to a growth engine. By leveraging fintech partnerships within a cloud-based architecture, we can move faster, grow smarter, and find new ways to add value to customers and shareholders.
My philosophy is clear: technology should support strategy, and the right fintech partnerships, built on strong digital infrastructure, will help us achieve long-term growth, operational resilience, and market leadership in the changing financial landscape.
What role do regulatory frameworks play in shaping the development and adoption of fintech solutions in Nigeria?
Regulatory frameworks are crucial and significantly influence how fintech solutions are developed and used in Nigeria. They establish trust and legitimacy for both consumers and banks by ensuring that fintech products meet specific standards for safety, privacy, and financial integrity. In a market like Nigeria, where digital channels are expanding rapidly and financial inclusion is still growing, clear regulations on payments, digital lending, KYC/AML, and data protection provide the confidence people need to adopt these services. Without these frameworks, fintechs may face operational uncertainty, fraud, or consumer mistrust. This can slow innovation and negatively impact the market.
At the same time, rules and regulations directly shape how products are developed and how businesses craft their strategies. Fintechs decide how to structure their services, who can access them, and how to collaborate with banking partners based on rules like the CBN’s Payment Systems Vision 2025, open banking standards, and licensing requirements for digital lenders and payment service banks. Compliance is no longer just a legal requirement; it also influences how technology is designed, APIs are built, and risks are managed. Fintechs that understand what regulators expect in advance can innovate faster, avoid costly fines, and establish themselves as reliable, trustworthy players in the ecosystem.
Finally, rules help people collaborate and grow the market. They create a clear legal framework that encourages partnerships between banks, fintechs, and other service providers. This fosters innovation within the ecosystem. Additionally, they help level the playing field by giving smaller fintechs a safe way to compete and expand, while protecting customers. In short, Nigeria’s regulatory frameworks not only oversee fintech but also support its growth in ways that benefit everyone, promote adoption, and shape the structure of digital financial services by balancing innovation with trust, security, and financial stability.
What opportunities and risks do you see with the rise of microservices architecture and API monetization in Nigerian banks?
The growth of microservice architecture and API monetization in Nigerian banks creates significant opportunities, but it also brings significant risks that need to be handled carefully.
Possibilitie
Microservices break monolithic core banking systems into smaller, modular parts that can be deployed independently. This makes the systems more flexible and speeds up innovation. This lets banks make changes more quickly, release new products, and meet market needs without having to completely change their systems. In Nigeria’s fast-paced fintech world, it’s important to move quickly to stay competitive.
Collaboration between fintech and the ecosystem: APIs let banks share their core services with fintechs, startups, and partners. This helps create products like digital wallets, BNPL, SME lending, and embedded finance solutions. This opens new ways to make money and strengthens the market.
Data-Driven Insights: Microservices and API-driven platforms make it easier to gather and analyze transactional data from many sources. This leads to better risk management, personalised services, and predictive lending.
Monetization Potential: Banks can generate additional revenue by charging third parties to use their APIs. This lets them move beyond traditional interest-based income and build a platform-based business model.
Risks
Operational Complexity: Microservices make systems more complicated, which means that orchestration, monitoring, and DevOps practices need to be more advanced. Without good governance, services can break down, leading to delays, inconsistencies, or service failures.
✓ Cybersecurity and Data Privacy: Making APIs available to external partners increases the attack surface, which raises the risk of fraud, data breaches, and non-compliance. It is crucial to ensure that authentication, encryption, and access controls are robust.
Regulatory Compliance: Making money from APIs or letting third-party integrations work with them must follow CBN, NDPR, and other rules. If things aren’t in line, you could face fines or damage to your reputation.
✓ Cultural and Skill Gaps: Implementing microservices and API-driven monetization requires strong digital skills, an agile work culture, and collaboration across various departments. Many Nigerian banks may lack the necessary expertise or be resistant to change, which could delay implementation and affect return on investment.
In summary, microservices and API monetization can transform Nigerian banks into platform-driven, innovation-ready companies that collaborate with fintechs, reach unbanked populations, and boost revenue. However, success relies on solid governance, robust cybersecurity, compliance, and skill development. Banks balancing innovation, operational discipline, and risk management will be able to leverage these technologies as engines of growth rather than sources of operational risk.
In your view, how critical is enterprise architecture maturity for Nigerian banks striving for scalable and secure digital ecosystems?
For Nigerian banks aiming to build scalable, secure, and future-ready digital ecosystems, enterprise architecture (EA) maturity is crucial. EA provides the framework that aligns technology, business strategy, and regulatory compliance in a landscape where fintech collaborations, cloud adoption, and API-driven innovation are accelerating. Without a mature EA, banks risk having incompatible systems, inconsistent data, and redundant processes. These issues hinder agility, increase operational risks, and slow down the rollout of new digital products.
By establishing standard architectures, microservices frameworks, and API governance models, a mature EA enables scaling and integration. This allows banks to add new fintech features, open new channels, and expand services without disrupting their core operations. It also enhances cybersecurity and regulatory compliance, ensuring data flows are secure, auditable, and aligned with CBN, NDPR, and other regulations. EA maturity transforms digital transformation from isolated projects into a cohesive, sustainable ecosystem.
Furthermore, EA maturity supports strategic decision-making and cost reduction. It provides banks with a comprehensive view of the technology landscape, dependencies, and investment priorities, helping them make informed decisions on cloud migration, platform modernization, and third-party partnerships. This enhances resource utilization, reduces duplication, and promotes better decision-making. For Nigerian banks, advancing toward higher EA maturity is more than just a technical goal; it is a business necessity that fosters innovation, maintains customer trust, and keeps them competitive in a rapidly changing financial sector.
How can Nigerian fintech companies leverage data analytics and AI to improve customer experience and drive revenue growth?
Response: Nigerian fintech companies can leverage data analytics and AI to significantly improve the customer experience and unlock new revenue streams. At its core, data analytics helps fintechs understand their customers’ behaviour, preferences, and dislikes across many touchpoints, such as payments, transactions, credit use, and app engagement. Fintechs can make the digital experience more intuitive and enjoyable by combining and analyzing these insights to tailor products and services, improve user journeys, and predict customer needs. AI-powered recommendation engines can, for example, use real-time behavioral and transactional data to suggest relevant financial products, personalized savings plans, or timely loan offers.
AI and analytics make risk management smarter and operations more efficient, as well as enabling personalization. Predictive models can use other data sources to determine whether someone is creditworthy. This lets fintechs lend money to people who don’t have access to traditional banks while lowering the risk of default. AI-powered fraud detection systems look at patterns in real time to stop unauthorized transactions. This builds trust and security, which are important for keeping and getting new customers. AI also lowers operating costs by automating routine tasks, freeing up resources for new ideas and expanding services customers can use.
AI and data analytics introduce new opportunities for generating revenue, such as dynamic pricing, cross-selling, and selling insights. Fintechs can develop tiered offerings, targeted promotions, and loyalty programs that motivate customers to buy more by segmenting them and predicting which will purchase a product. Analytics also assists fintechs in identifying underserved market segments, enhancing their acquisition channels, and understanding their return on investment (ROI), all of which support growth. In short, utilizing AI and analytics transforms customer interactions from reactive to predictive, fosters trust, and converts insights into tangible revenue growth.
