Financial expert Oluwatoyin Ayodele has emphasised that technology is crucial for Nigeria’s financial security as the country’s financial landscape continues its digital transformation; restoring consumer trust is emerging as a key priority for growth.
Ayodele, in her research titled “Enhancing Consumer Trust in Financial Services: The Role of Technological Security Innovations,” emphasised that trust must be built on strong security frameworks underpinned 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.
Her research work highlighted blockchain, biometrics, and AI as key tools for securing transactions and protecting data, with blockchain offering transparency and accountability through its tamper-proof, decentralised system.
Ayodele said that he believes that this innovation could revolutionise Nigeria’s capital markets, where digital payments are expanding rapidly.
He said, “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.”
She further stated that biometric authentication offers superior security and easy access to digital services, while AI and machine learning enable real-time fraud detection and risk management.
Ayodele underscored the need for Nigeria’s financial institutions to adopt AI-driven tools to mitigate threats effectively and secure customer trust.
“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,” Ayodele stated.
She stated that the Central Bank of Nigeria is playing a crucial role in fostering this trust by introducing regulations like the Risk-Based Cybersecurity Framework and the Framework for Regulatory Sandbox Operations.
“These initiatives promote a controlled environment for innovation while emphasising data protection and risk management,” she added.
“These CBN’s initiatives align with global best practices and provide a regulatory backbone for fostering trust through technology. Such measures encourage the financial sector to innovate responsibly,” Ayodele noted.
She emphasised the need for collaboration between financial institutions and regulators, stating, “Innovation and compliance must align to build a resilient financial system that consumers trust.”
Ayodele’s research highlighted that the convergence of technology and trust is not just a goal but an imperative for a sustainable financial future.
