Embedded Banking: NITDA Urges Central Bank to Overhaul Supervision Framework

The Director-General and Chief Executive Officer of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has urged the Central Bank of Nigeria (CBN) to urgently modernize its supervisory mechanisms to effectively align with the realities of today’s embedded banking ecosystem.

Speaking at a high-level financial technology forum in Abuja, Inuwa emphasized that traditional banking regulation, built around centralized physical infrastructure, is increasingly inadequate for an era where non-financial platforms routinely integrate banking services. Unconfirmed accounts indicate that tech leaders and financial service providers have long expressed concerns over regulatory friction slowing down retail innovation.

Inuwa noted that as financial services become seamlessly woven into everyday digital applications—from mobility platforms to e-commerce storefronts—the apex bank must adopt dynamic, technology-driven oversight tools capable of real-time monitoring without stifling sector growth.