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Oluwatoyin Ayodele stresses technology’s role in strengthening Nigeria’s financial security

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Oluwatoyin Ayodele highlights the importance of technological innovations like blockchain, biometrics, and AI in building trust and securing Nigeria’s financial future.

 

 

Financial expert Oluwatoyin Ayodele has underlined the pivotal role of technology in enhancing Nigeria’s financial security amid the country’s digital transformation.

As the financial landscape evolves, Ayodele believes that restoring consumer trust is becoming a top priority for sustainable growth.

 

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In her research, titled “Enhancing Consumer Trust in Financial Services: The Role of Technological Security Innovations,” Ayodele stresses that trust in financial institutions must be supported by advanced security frameworks, which are driven by cutting-edge technologies.

“Trust in financial institutions cannot rely on reputation alone. It must be backed by robust, transparent, and innovative security systems,” Ayodele asserted, highlighting that consumer confidence is paramount to a flourishing digital economy.

The research highlights several technological tools as essential for securing transactions and protecting sensitive data.

These include blockchain, biometrics, and artificial intelligence (AI). Ayodele specifically points out that blockchain technology offers enhanced transparency and accountability through its decentralised and tamper-proof system.

“Blockchain technology offers a scalable, reliable, and transparent way to record and verify transactions. This is essential for building confidence in a growing digital economy,” Ayodele explained.

Biometric authentication, she noted, provides superior security and ease of access to digital services, while AI and machine learning systems enable real-time fraud detection and risk management, vital for ensuring data protection.

Ayodele also acknowledged the rapid growth of Nigeria’s fintech sector, emphasising the need for AI-driven tools capable of identifying threats in real-time.

This, she believes, will be key to securing customer data while fostering innovation within the sector.

“Nigeria’s fintech space is growing, but it requires AI systems capable of identifying threats in real time. This is how we protect consumer data while enabling innovation,” she said.

The Central Bank of Nigeria (CBN) has been instrumental in fostering this trust by implementing regulations such as the Risk-Based Cybersecurity Framework and the Framework for Regulatory Sandbox Operations.

According to Ayodele, these initiatives create a controlled environment for innovation while prioritising data protection and risk management.

“These initiatives promote a controlled environment for innovation while emphasising data protection and risk management,” Ayodele explained, adding that these regulatory frameworks align with global best practices.

Ayodele also called for closer collaboration between financial institutions and regulators, arguing that innovation and compliance must work together to build a resilient and trustworthy financial system.

“Innovation and compliance must align to build a resilient financial system that consumers trust,” Ayodele stated, concluding that the convergence of technology and trust is not merely a goal but a necessity for a sustainable financial future in Nigeria.


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