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Technology Experts Warn, Traditional Banking to End 2025

Technology experts have predicted that by year 2025 to 2030, a market economy could readily emerge without banks, as we have traditionally known them.
Consequently, they urged banks in the region to embrace technology and redefine their operations models to meet the emerging demographic and social change or lose relevance, as more core banking services would be delivered outside the regulated banking industry.
The experts warned that the current shape and makeup of the banking industry in Africa and particularly in Nigeria is inevitably going to change.
The sheer scope and speed of evolution in customer behaviour, technology, changing market dynamics and aggressive non-bank competitors such as telcos and technology companies mean banking in the future cannot simply be a continuation of banking as it has been.
Scores of industry stakeholders including bankers, financial analysts, media, risks analysts and financial technologists who gathered in Lagos at the eNNovators Breakfast Series (EBS) 10, organised by financial technology magazine agreed that for banks to continue to be relevant, management of the banks should invest heavily in technology, rediscover and reassert their roles in society and connect with millennial generation aspirations.
Experts at the interactive knowledge-sharing EBS, which has as its theme 2025: the End of Banking as We Know IT agreed that Central Banks across Africa require a radical orientation. They informed that Central Banks need to change their mindset and approach, as currently banking regulators appear to be focused on tactical responses and their strategic objectives for the future of banks and banking are clouded by political expediency and the ‘too big to fail’ debate.
Emmanuel Agha, CEO of Innovectives, an e-payment company, who presented the lead paper, which is a summary of PricewaterHouseCoopers’ research on “The future shape of banking – time for reformation of banking institutions”, explained that banks are facing rapid and irreversible changes of which the current models are no longer sustainable into the future.
According to him, while the PwC paper did not looking at the end of banking as a grouping of services focused on meeting financial needs, it is imperative to look at the end of banking and banks as we currently know them.
He warned that a failure to adapt could also mean the end of some regulatory bodies and instruments.
Agha explained that the substitution of non-bank providers of banking services is a challenge, which does not reflect in banking regulatory frameworks, or yet – fully at least – in policy and regulatory change agendas.
The Innovectives CEO argued that, “the challenges and dilemmas posed by the parallel changes in technology, customers and revolution are not confined to the incumbent banks or even the non-bank pretenders. Banking policy and regulatory community would face its own challenges and struggle for relevance”.
Quoting from the research, Agha painted a future with three fundamental hypotheses. The first is a future in which core banking service delivered outside of the regulated banking industry. The second is a situation where banks still have advantages but – to be part of the future – they need to invest heavily, rediscover and reassert their core role in society, and secure the ongoing support of policymakers.
The third harped on regulators, regulation and the need to radically change orientation, realignment “from policing to protecting and with public policy shifting its focus – to some extent – from institutions to markets and services”.
Also speaking, Chinenye Mba-Uzoukwu, managing partner, Grand Central, who presented supporting paper noted that bankers today are challenged intellectually and managerially to respond to a socio-economic formation undergoing radical change.
According to him, “A banker is challenged to claim a role in the emerging dispensation or be shunted aside by the more professional group outside the sector. He faces the task of redefining his roles and relationship; his competition and alliances; his goals and mission. His key resources in this new dispensation are information technology”.
He stated that one might state unequivocally that the extent to which “a financial institution commits to, and implement a pervasive deployment of IT tools and strategies will be the primary indices for accessing growth and longevity in the new dispensation”.
He therefore identified several drivers of the new dispensation to include convergence, ubiquity, omniscient, elastic, infinite and speed.
Others are diversity, personalization, free, fragility and openness.
In his reaction, ‘Deremi Atanda, executive director, SystemSpecs Limited, argued that technology will continue to be a major disruptor across all industries, particularly in banking.
Atanda said technology itself now rides on social trends as against technology leading social trends as it was largely before now.
He also warned the regulator that technology innovation especially those that emerge based on social trends can hardly be legislated.
He said there would be a deeper interface and partnership between the banking industry and technology providers. According to him, more banks will exit being “IT Businesses” and leverage multi-layered and multi-partner technology services collaborations. Besides, he predicted that it would become increasingly difficult for banking brands to present themselves strictly as banks because technology firms are already presenting themselves as banks.
He disclosed that major technology innovations will be birthed in the banking environment, which will lead the redefinition of banking, and these will attract global attention and promotion of these local technologies to the global landscape.
“Disaggregation of the banking industry will continue to be accelerated with the emergence of smaller trust units that offer multiple services of which “transformed contemporary banking” will just be one of their services,” he submitted.
Also, Niyi Ajao, executive director, Technology and Operations, Nigerian Inter-Bank Settlement System (NIBSS), said managing a transformation programme of this scale would be a huge challenge for most of the banks in the region.
He however explained that banks do not need to do all of this in-house, since at least some of the innovation and technology work can be achieved through partnerships.
Collins Onuegbu, executive vice chairman, Signal Alliance, said banks have to invest heavily in customer service and operational innovation, at least at the pace and standards set by telcos and technology companies that are gearing up to provide banking services. “The banks must change their mindset. They must stop treating their customers just as numbers,” he warned.
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Stakeholders Demand Stronger Governance and Infrastructure to Drive Tech Adoption @ Lagos AI Summit

As AI adoption accelerates across Nigeria, leaders at the “AI in Action Now” conference 2026 have called for a balance between rapid innovation and strict regulatory governance. The event, held at the Lagos Oriental Hotel, highlighted both the doggedness of Nigerian builders and the risks of unregulated data usage.

Dotun Adeoye, Co-Founder of AI Nigeria, raised alarms over “Shadow AI”, a trend where employees upload sensitive official documents to public AI platforms. He praised the Nigerian Data Protection Commission (NDPC) for its recent aggressive stance, including multi-million-dollar fines against major banks and social media brands.
“Innovation without governance is dangerous. The regulator now has the job of educating players. We are working in partnership with them to ensure players don’t just get fined, but actually understand how to protect data locally rather than storing it abroad, ” Adeoye noted.
Addressing issues of lack of infrastructure to carry AI adoption, Conference Convener Debola Ibiyode admitted that while Nigeria lacks the traditional foundation for AI adoption, the tech community cannot afford to wait.

“The simple answer is we don’t have the infrastructure, but Nigeria has never really had infrastructure to drive anything, and we still thrive, ” Iboyode said, encouraging students and builders to look beyond current limitations. “Once we start to build based on what we have now, it will encourage those who need to provide the infrastructure to do their part. The world will not wait for us,” she insisted.
To bridge this gap, she highlighted the AI Foundry Africa, an incubator designed to mentor ideas into market-ready products.
Meanwhile, speaking to journalists on the sidelines, Biodun Ogunleye, the Lagos State Commissioner of Energy and Mineral Resources, echoed the sentiment that the government’s role is to facilitate the right environment through partnership. He emphasized that data generated from interactions with the government must have long-term value.
“We must ensure that in all facets from production to interaction with government, the tools required to ensure data has value are appreciated,” Ogunleye stated.
He concluded that through private-sector collaboration, the government can focus on its primary functions while leveraging AI to ensure the nation aspires for the future.
News
35 Million Nigerians Face Acute Hunger in 2026, UN Warns

About 35 million Nigerians face acute hunger risks in 2026, including three million children battling severe malnutrition, the United Nations has warned, attributing the crisis to collapsing global aid budgets and escalating violence in the northeast.

UN Resident and Humanitarian Coordinator Mohamed Malick Fall disclosed this on Thursday during the launch of the 2026 humanitarian plan in Abuja, noting that the traditional foreign-led aid model proves unsustainable amid Nigeria’s escalating needs.
He highlighted dire conditions in Borno, Adamawa and Yobe states, where over 4,000 people perished in the first eight months of 2025 from surging suicide bombings and attacks—equalling the entire previous year’s toll.
The UN now targets $516 million to deliver lifesaving aid to 2.5 million people this year, a sharp drop from 3.6 million in 2025 and half of prior levels, forcing prioritisation of only the most critical interventions.
Fall stressed, “These are not statistics. These numbers represent lives, futures and Nigerians,” as shortfalls last year compelled the World Food Programme to halt support for over 300,000 children after resources dried up in December.
Yet, Fall acknowledged Nigeria’s increasing national ownership, including local funding for lean-season food assistance and proactive flood early-warning systems, signalling a shift toward self-reliant crisis response.
News
NITDA Commits to Digital Inclusion for Persons with Disabilities

The National Information Technology Development Agency (NITDA) has reaffirmed its commitment to inclusive digital development following the completion of a two-day digital literacy training for persons with disabilities (PWDs) in Abuja.

The programme, organised under NITDA’s Digital Literacy for All (DL4ALL) initiative, the programme trained 50 participants in practical digital skills to enhance their participation in Nigeria’s expanding digital economy.
In his remarks, the Director-General, Kashifu Inuwa CCIE, stated that the programme reflects the agency’s determination to ensure accessibility remains a core component of national digital transformation efforts.
He explained that genuine digital advancement cannot be realised without the inclusion of persons with disabilities, adding that millions of Nigerians remain constrained by limited access to accessible and inclusive digital platforms.
“In many cases, the problem is not the absence of digital tools but the lack of accessibility. Platforms that do not support assistive technologies, non-captioned content and inaccessible websites effectively shut people out and limit opportunities,” he added.
Inuwa further explained that the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises inclusivity as a driver of national development. He stressed that persons with disabilities should be recognised as active contributors to economic growth rather than dependants.
“When equipped with the right skills and technologies, persons with disabilities become innovators, entrepreneurs and professionals who contribute meaningfully across sectors,” he added.
He acknowledged the role of Inclusive Friends Association (IFA) and SIMBED in delivering the training, describing the collaboration as a model of how government and civil society partnerships can advance inclusive development.
Highlighting NITDA’s broader digital literacy drive, the Director-General said the DL4ALL programme is a key component of the agency’s Strategic Roadmap and Action Plan, which targets 70 per cent digital literacy by 2027 and 95 per cent by 2030.
He explained that the initiative operates through three main tracks: an informal sector programme that has trained more than 480,000 Nigerians across 30 states and the Federal Capital Territory since September 2024; an education sector programme focused on embedding digital skills into learning institutions; and a workforce readiness programme designed to strengthen digital competence in both public and private sectors.
“This programme is not merely a pilot. It is proof that inclusive and intentional training works, and that persons with disabilities can excel when given equal opportunities,” Inuwa stated.
Also speaking, the Managing Director and Chief Executive Officer of SIMBED, Mr Daniel Onunkwo, described the training as a significant step towards closing the digital inclusion gap for persons with disabilities.
Onunkwo added that the initiative sends a strong message about equity and national progress, adding that SIMBED remains committed to expanding digital empowerment for persons with disabilities.
Similarly, the Executive Director of Inclusive Friends Association, Grace Jerry, represented by Tracy Agbamu, commended NITDA for demonstrating intentional leadership in promoting inclusion under the Renewed Hope Agenda.
She urged participants to continue applying the skills acquired and to serve as digital inclusion advocates within their communities.
The training programme further strengthens NITDA’s vision of building a digitally inclusive Nigeria where access to digital opportunities is determined not by physical ability but by empowerment and innovation.
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