Nigeria’s banking system more robust than Europe’s — Senator

The Chairman of the Senate Committee on ICT and Cybersecurity, Senator Shuaib Afolabi Salisu, has declared that Nigeria’s banking technology infrastructure is more robust than those of Europe and America, citing the country’s advances in digital banking, fintech innovation and electronic transaction systems. Salisu, who represents Ogun Central, made the assertion while speaking on Nigeria’s […]

The Chairman of the Senate Committee on ICT and Cybersecurity, Senator Shuaib Afolabi Salisu, has declared that Nigeria’s banking technology infrastructure is more robust than those of Europe and America, citing the country’s advances in digital banking, fintech innovation and electronic transaction systems.

Salisu, who represents Ogun Central, made the assertion while speaking on Nigeria’s digital progress at the conclusion of a technology training programme for youths in Abeokuta, Ogun State.

The programme, organised in collaboration with the National Information Technology Development Agency and the Federal Ministry of Communications, Innovation and Digital Economy, trained about 350 participants in areas including cybersecurity, content creation and digital skills.

Speaking at the closing ceremony held at the JAMB office in Oke-Mosan, Abeokuta, Salisu said the future belongs to countries and individuals that embrace technology.

Responding to questions on whether Nigeria was lagging behind technologically, particularly in the area of electronic voting, the senator insisted that the country had recorded remarkable progress in digital transformation.

“No, I’m actually not worried. I’m not worried because as a country, we sometimes don’t give ourselves enough credit for what we have done,” he said.

Drawing from his professional background in the banking sector, Salisu said Nigeria’s financial system has evolved into one of the most technologically advanced globally.

“As a former banker who has worked in four banks as head of technology and operations, I can tell you that Nigeria’s banking system is more robust than the banking system in Europe and America,” he stated.

The senator, who is also a fellow of the Nigeria Computer Society, said Nigeria’s growing reputation in financial technology innovation further supports his position.

“I can also tell you for a fact that if you have 10 fintechs in Africa, seven of them are from Nigeria,” he said.

Salisu pointed to the success of Nigerian digital payment platforms and startups as evidence that the country was becoming a major technology hub on the continent.

On the proposed National Digital Economy and E-Governance Bill currently before the National Assembly, Salisu described the legislation as a major legacy project aimed at modernising governance in Nigeria.

“This bill is in the third and final stage. This is one bill I want to leave as a legacy of my first term in the Senate,” he said.

“The society has gone digital. Our laws are still analogue. So the first thing that this bill will do is to ensure that we provide a regulated environment to provide clarity about our electronic transactions.”

He explained that the bill would also compel government agencies to digitise their operations and services.