The Central Bank of Nigeria (CBN), in its October newsletter, reported the launch of an artificial intelligence (AI) platform for banking examinations and reiterated compliance expectations for finance houses. The edition also covered initiatives to improve financial inclusion through gender data and strengthen financial innovation partnerships with Singapore. Governor Olayemi Cardoso has been appointed chair of the Africa Finance Corporation board, succeeding Ireti Samuel-Ogbu, who remains a board member.
The internally developed Supervisory Examination Application centralizes examination records and workflows, replacing information dispersed across emails, spreadsheets and physical files. Its AI tools help identify inconsistencies and emerging risks, while supervisory officers retain responsibility for final regulatory decisions. Access controls, approval checks and activity tracking safeguard supervisory data. At a Finance Houses Association of Nigeria consultative meeting, Acting Director of Development Finance Institutions Supervision Ali Baba Mairami reiterated that finance houses must maintain prescribed capital adequacy levels and submit regulatory returns on time. Institutions below the capital thresholds must demonstrate immediate, measurable progress toward compliance. An upgraded digital reporting platform is planned, and existing operational guidelines are being consolidated into a unified framework.
On financial inclusion, a gender data innovation sprint brought together regulators, financial institutions and technology specialists to develop practical solutions to barriers affecting women. Prototypes explored digital address verification for people without conventional proof of address and alternative data to assess the creditworthiness of businesses led by women. In Singapore, the CBN signed a memorandum of understanding with the Global Finance & Technology Network to connect financial institutions and innovation ecosystems in both countries. Discussions with the Monetary Authority of Singapore addressed regulation, market development and emerging technologies.