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 induction ceremony held in Lagos on Saturday, the President and Chairman of Council of the Institute, Pius Deji Olanrewaju, described the induction as a defining milestone in the professional journey of the new chartered bankers.

He noted that the inductees were joining a distinguished community of banking professionals recognised for competence, integrity and commitment to ethical standards within the financial services industry.

According to him, the theme of the ceremony, ‘Smarter Banking: The Power of AI in Accelerating Innovation in the Industry’, underscored the growing influence of technology on banking operations across the world.

Olanrewaju explained that AI was already transforming banking through credit risk modelling, fraud detection and customer analytics, enabling financial institutions to enhance operational efficiency and improve service delivery.

He encouraged the newly inducted bankers to embrace emerging technologies responsibly while maintaining strong governance, ethical standards and public trust in the financial system.

The CIBN President further highlighted that Nigeria’s youthful population and increasing digital adoption present significant opportunities for AI to deepen financial inclusion and strengthen risk management across the banking sector.

However, he noted that high implementation costs and skill gaps remain major challenges to the widespread adoption of AI in Nigerian banks.

Olanrewaju, therefore, urged the new chartered bankers to develop strong technological competencies and take leadership roles in driving innovation that will strengthen Nigeria’s banking ecosystem.

Delivering the keynote address, the President of the FinTech Association of Nigeria, Dr Stanley Jacob, called on banks to fully leverage AI to enhance innovation and improve service delivery in the financial sector.

Jacob, who was represented by the association’s National Treasurer, Oluwaseun Adesanya, noted that AI is already transforming banking through enhanced fraud detection, operational efficiency, personalised services and broader financial inclusion.

He warned that institutions that fail to embrace technological innovation risk losing relevance in the rapidly evolving financial services industry.

Jacob also urged banks, fintech companies and regulators to strengthen collaboration to advance innovation and build a more resilient financial ecosystem in Nigeria.