Experts in the banking sector gathered in Lagos yesterday to discuss the future of the sector amid artificial intelligence (AI) growth and how to tackle risk associated with fraud within the sector.

They gathered at the first Nigeria Banking Outlook organised by Eventhive in sponsorship with Open Access, Qore, Cham Access and Sysserve to discuss the changes in the banking sector since the switch over to digital banking.

They noted that Nigeria’s banking industry has been a critical part of the economy, driving financial inclusion, business growth and access to capital.

They noted that over the years, the sector has undergone significant reforms aimed at modernising operations, enhancing digital transactions and aligning with global banking standards.

They emphasised the importance for the industry to stay ahead of emerging developments, which include enhanced regulatory oversight, recapitalisation drive, challenges of banking in the digital era and cybersecurity concerns amongst other key focus areas.

Speaking at the session, Chief Financial Officer, Wema Bank, Bunmi Oladosu, said the future of banking would be open banking where the needs of the customers will be tailored towards their day-to-day activities.

Oladosu said an average banker would be ahead of regulators and bankers, saying recapitalisation will introduce more stringent ways for banks.

She said digital would no longer be an innovation but a norm and that the gap between banks and the regulator would thin off.

Executive Director, Sterling Financial Holdings Company, Olayinka Oni, noted that the challenge in banking is fraud.

Chief Executive Officer, Open Access Data Centres, Dr Ayotunde Coker, emphasised the need for banks to leverage data centres for proper network distribution among providing tailored services to customers in the future.