Smart Banking Nigeria: A Recap

The inaugural day of the Smart Banking Summit, hosted by dx⁵ in Lagos, Nigeria, set the stage for a transformative two-day exploration of Africa’s leap into the digital era.

The Summit, held on 22^nd and 23^rd August 2024 at the Four Points by Sheraton Oniru, Lagos, brought together industry leaders, experts, and innovators to discuss the critical role of technology in shaping the future of banking on the continent.

The day began with a powerful keynote address by Dr. Yele Okeremi, CEO, Precise Financial Systems. Okeremi painted a compelling vision of the future of banking in Africa, emphasizing the transformative power of cloud technology. He predicted a convergence of work and life, a borderless banking landscape, the growing importance of digital identification, a shift in the education and training of bank workers, and the migration of banking applications to the SaaS model. Okeremi’s insights highlighted the accelerating pace of digital transformation and the need for African banks to adapt or risk being left behind.

Dr. Harrison Nnaji, GCISO of First Bank of Nigeria, followed with a thought-provoking keynote on the challenges and opportunities of legacy system migration. Nnaji underscored the need for financial institutions to embrace cloud technology and IaaS to overcome the limitations of outdated infrastructures. He delved into the key considerations for cloud migration, strategies to avoid pitfalls, and the importance of solving the legacy challenges to unlock new opportunities for growth and efficiency.

One of the recurring themes throughout the day was the importance of government upskilling in areas such as artificial intelligence, blockchain, and cryptocurrencies. The Summit emphasized the need for governments to embrace these technologies rather than shun them, recognizing their potential to drive innovation and economic growth.

Kenneth Eremiokhale, Director of Banking and Financial Services at Azentio, represented his organization in a roundtable discussion on whether artificial intelligence could be a saviour in the fight against money laundering. Participants explored potential solutions like GIS while acknowledging the challenges posed by VPNs and other factors that could compromise results.

Echezona Agubata, CTO of Coronation Merchant Bank, provided valuable insights into the role of open banking technology as a building block for innovation. He emphasized the importance of data and services in driving open banking initiatives and discussed the potential benefits for both banks and consumers.

The first day concluded with a presentation by Teknowledge on the future of smart banking. Adewale Adeyemi, Head of Business Development for Africa, highlighted the need for banks to adapt to the evolving banking environment and embrace digital technologies to remain competitive. He emphasized the importance of cybersecurity, managed tech services, and skilled talent in future-proofing operations. Adeyemi stressed the importance of upskilling, reskilling, and adaptability, as well as leveraging artificial intelligence to drive innovation and efficiency.

The Smart Banking Summit provided a rich and insightful overview of the key trends and challenges shaping the future of banking in Africa. The discussions highlighted the transformative power of technology, the importance of government support, and the need for financial institutions to embrace innovation and adapt to the rapidly changing landscape among other topics.