Financial expert Oluwatoyin Ayodele has emphasized the crucial role of technology in safeguarding Nigeria’s financial security amid the country’s ongoing digital transformation. In her research titled “Enhancing Consumer Trust in Financial Services: The Role of Technological Security Innovations,” Ayodele highlighted the importance of building trust through robust and innovative security frameworks.
“Trust in financial institutions cannot rely on reputation alone. It must be backed by robust, transparent, and innovative security systems,” Ayodele asserted.
The research identified blockchain, biometrics, and AI as key technologies for enhancing security and protecting consumer data. Blockchain, with its decentralized and tamper-proof nature, offers a secure and transparent platform for recording and verifying transactions, particularly within the growing digital payments landscape.
“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,” Ayodele said.
Biometric authentication provides enhanced security and convenient access to digital services, while AI and machine learning empower institutions to detect and mitigate fraud risks in real-time.
Ayodele underscored the importance of regulatory frameworks, such as the CBN’s Risk-Based Cybersecurity Framework and the Framework for Regulatory Sandbox Operations, in fostering a safe and secure environment for innovation.
“These initiatives promote a controlled environment for innovation while emphasising data protection and risk management,” she added.
Collaboration between financial institutions and regulators is crucial to ensure that innovation and compliance go hand-in-hand in building a resilient and trustworthy financial system for Nigeria.
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