At a recent financial technology forum in Lagos, renowned digital transformation leader Ernest Nmutaka Chikwendu and other experts in the financial sector, emphasised the urgent need for Nigerian banks to strengthen governance and risk frameworks as they expand their digital platforms.

Speaking before an audience of bankers, fintech executives, and policymakers, Chikwendu warned that while the rapid digitization of financial services is unlocking opportunities, it is also exposing institutions to cyber threats, fraud, and regulatory challenges.

“Technology is not just a catalyst for growth; it is also a magnet for risk,” he noted. “If we fail to embed governance and compliance into our digital strategies, we risk eroding the trust that underpins the entire financial system.”

Chikwendu has overseen digital banking deployments in more than 15 countries and currently serves as director of SME Development (Banking & Financial Services) at Icon Global Services Ltd, leading SME development programmes across Nigeria.

He highlighted how risk governance must evolve in tandem with innovation. He pointed to real-time dashboards, agile compliance units, and closer collaboration with regulators as essential measures for banks to adopt.

He further noted that Nigeria’s recognition by the IMF and World Bank for its SME support infrastructure demonstrates the country’s potential to lead in digital finance, but warned that complacency could undo progress.

“Our financial inclusion story cannot succeed without trust,” Chikwendu stressed. “That trust will only come if we take governance seriously in the digital era.”

The event concluded with a panel discussion where Chikwendu’s insights were widely lauded as a blueprint for ensuring resilience in Nigeria’s evolving financial ecosystem.