By GRACE ALEGBA

The Chartered Institute of Bankers of Nigeria (CIBN) on Saturday 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 ceremony in Lagos, CIBN President, Prof. Pius Olanrewaju, said that the induction marked a defining moment in the careers of the new professionals.

Olanrewaju said that the inductees were joining a prestigious community of banking professionals recognised for competence, integrity and commitment to ethical standards in the financial services industry.

According to him, the event’s theme, “Smarter Banking: The Power of AI in Accelerating Innovation in the Industry” reflected the growing impact of technology on banking operations globally.

Olanrewaju said that AI was already transforming credit risk modelling, fraud detection and customer analytics across financial institutions worldwide.

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

The CIBN president said that Nigeria’s youthful population and expanding digital adoption presented significant opportunities for AI to deepen financial inclusion and improve risk management.

He, however, said that high implementation costs and skills gaps remained challenges to wider adoption of AI in Nigerian banks.

He urged the new chartered bankers to develop technological competence and lead innovation that strengthens the country’s banking ecosystem.

Delivering a keynote, the President of the FinTech Association of Nigeria, Stanley Jacob, urged banks to leverage AI to drive innovation and improve service delivery in the financial sector.

Jacob said that AI was transforming banking through fraud detection, improved efficiency, personalised services and wider financial inclusion.

He said that institutions that failed to adapt to technological innovation risked losing relevance in the rapidly evolving financial services industry.

Jacob, represented by the association’s National Treasurer, Oluwaseun Adesanya, urged banks, fintech firms and regulators to strengthen collaboration to advance innovation and build a resilient financial ecosystem in Nigeria. (NAN)