Financial sector devt: Scale, resilience, regulatory clarity must evolve together — CBN, bank chiefs, others

2026-03-09 - 04:18

By Tunde Oso LEADERS from across Nigeria’s banking and fintech ecosystem have unanimously said that scale, resilience and regulatory clarity must evolve together in the development of the nation’s financial sector. These experts were gathered in Lagos for Banking on the Cloud: Regulation, Resilience & the Next Scale Curve, a closed-door executive forum convened by Vontech Group in collaboration with Amazon Web Services (AWS), Redington, and B4B Partners. Held at the Lagos Continental Hotel, the forum brought together regulators, chief technology officers, payments infrastructure leaders, and cloud specialists to examine one of the most pressing questions facing Nigeria’s financial system: how to scale digital finance securely while maintaining trust, resilience, and regulatory integrity. Delivering the keynote address on behalf of the Director of the Payments System Policy Department at the Central Bank of Nigeria (CBN), Dr. Chikelu Edison Oballum underscored the importance of resilience as the foundation of a trusted digital financial system. Dr. Chikelu Edison Oballum, Director of the Payments System Policy Department at the Central Bank of Nigeria (CBN), delivering the keynote address said, “Ultimately, today’s conversation is about trust, resilience, and Nigeria’s readiness for the next scale curve of global digital finance,” he said. “Innovation is already happening at speed; the real question is whether our systems are strong enough to withstand shocks, mitigate risk, and inspire public confidence as digital transactions grow exponentially.” The forum featured a fireside discussion with Muhammad Aminu Lawal (NITDA) and Oluseyi Adenmosun (NIBSS), moderated by Brian Hayes (AWS), which examined how Nigeria’s rapidly expanding payments ecosystem can sustain high transaction volumes without introducing systemic fragility. An executive panel moderated by Ebere Nkoro (AWS) brought together Blessing Ehize (FCMB), Omotayo Ogunlade (Onafriq), and Richard Amafonye (Access Bank) to explore the operational realities of system outages and the growing accountability technology leaders face as digital infrastructure becomes central to financial stability. Additional strategic perspectives were delivered by Brian Hayes (AWS) and Akinsope A. Roberts (First Bank Group), who both reflected on the role of cloud infrastructure and technology leadership in building resilient financial institutions capable of operating at scale. The event climaxed with a product demonstration led by Jeffery Idehen, CEO Vontech Group, and members of his technical team, showcasing emerging technologies designed to help financial institutions manage cloud transformation while strengthening operational resilience. Idehen said the forum reflects a broader shift in how the industry is approaching financial infrastructure in an era of rapid digital growth. “Nigeria’s financial sector is entering a phase where scale, resilience, and regulatory clarity must evolve together,” he said. “We appreciate AWS, Redington, and B4B Partners for their partnership in making this forum possible. Strengthening the resilience of financial infrastructure requires cooperation across the entire ecosystem—regulators, banks, technology providers, and innovators.” As Nigeria’s digital payments economy continues to expand, conversations about infrastructure resilience are increasingly moving beyond technology teams to boardrooms and policy circles. To close the forum, Gilbert Kiprono, Product Manager, Redington, captured the spirit of the day: that Nigeria’s financial technology leadership is not waiting for the future. It is actively building it, under regulatory scrutiny, at scale, and with the weight of an economy’s payment infrastructure on its shoulders. The overall discussions at Banking on the Cloud highlighted a growing consensus across the ecosystem: the next phase of financial innovation will depend not only on speed and scale, but on the strength and durability of the systems supporting it.