The Central Bank of Nigeria (CBN) has published its October 2026 update, reviewing the deployment of artificial intelligence (AI) in banking supervision and reiterating capital and reporting expectations for finance houses. The edition also covers initiatives to improve women’s access to finance, financial innovation partnerships in Asia and Governor Olayemi Cardoso’s appointment as chairman of the Africa Finance Corporation board.
Developed by CBN staff, the Supervisory Examination Application centralizes supervisory records and digitizes examinations from planning and information requests through reporting and follow-up. AI supports analysis and the identification of inconsistencies and emerging risks, while supervisory officers retain responsibility for final regulatory decisions. For finance houses, institutions operating below prescribed capital adequacy thresholds must demonstrate clear, immediate and measurable progress toward compliance. Regulatory returns must also be submitted on time. An upgraded digital reporting platform is planned, and existing operational guidelines are being consolidated into a unified framework.
On financial inclusion, a Lagos innovation sprint focused on translating data disaggregated by gender into practical solutions to barriers facing women. Participants explored digital address verification and alternative data for assessing the creditworthiness of businesses led by women, with prototypes developed for potential deployment. Internationally, an agreement with the Global Finance & Technology Network provides a framework linking financial institutions and innovation ecosystems in Nigeria and Singapore. Discussions with the Monetary Authority of Singapore addressed financial regulation, market development and emerging technologies. Cardoso’s Africa Finance Corporation appointment places him at the head of the board of an institution financing infrastructure and industrial development across Africa.