Experts urge trustees to embrace technology for market integrity
By Rukayat Moisemhe
Economic experts have called on professional trustees to adopt modern technological innovations, including Artificial Intelligence (AI), to strengthen market integrity within Nigeria’s financial ecosystem.
The advice was stated in a communiqué issued on Wednesday following the Annual Business Luncheon (ABL) of the Association of Corporate Trustees (ACT), held in Lagos.
The event, which had its theme, “Innovating Trust: The Role of Corporate Trustees in a Digital Financial Ecosystem”, brought together stakeholders to explore how digital transformation can reshape trust and governance in finance.
Chief Executive Officer of Zest Payment Ltd., Dr Stanley Jacob, noted that Nigeria’s digital financial ecosystem had shown remarkable resilience and continued growth in spite of global investment headwinds.
He, however, identified several challenges impeding payments and investment flows in the country.
These include cross-border financial barriers, the stalled development of the Central Bank’s databank currency initiative, and limited adoption of AI-driven technologies.
Jacob stressed the importance of embracing AI and its auxiliary solutions to improve customer experience and drive efficiency across financial markets.
“We have seen over 47 per cent of transactions from payment across Africa here in Nigeria and we have also seen enhanced regulatory frameworks, most recent being the Investment and Security Act of 2025.
“That is one of the prizes that comes with the huge success that we are preparing to get into as fraud has gone over 468 per cent between 2023 and first 9 months of 2024 resulting in losses of over 50 billion Naira.
“It is important to build industry capacity in this area and look at how we can adopt AI solution fully in terms of customer experience because that is the only way that we can build trust in the ecosystem.
“As we continue the journey of digitisation workstreams, we are super proud and excited that people are now coming onboard, especially trust practitioners, and even board members”, he said.
President of ACT, Mrs Omolola Iyinolakan, said the event was designed to explore technological solutions capable of addressing the challenges hindering Nigeria’s economic growth and to help set a forward-looking tone for the country’s financial sector.
She noted that a key objective of the luncheon was to broaden the scope of trusteeship by encouraging the adoption of innovative digital tools to tackle persistent issues within the financial ecosystem.
Iyinolakan reaffirmed ACT’s commitment to supporting professional trustees in embracing modern technologies, including AI, as a means of enhancing efficiency, transparency, and trust in financial operations.
“As trustees in the Nigerian capital market, we operate with the firm understanding that we are gatekeepers in the capital market, assiduously working with regulators to uphold the integrity of the market and boost the economy at large.
“The recent amendments to the Investment and Security Act (ISA) 2025 have proven that steps are being taken in the right direction for a digitalised financial ecosystem.
“Current digital revolution; presently the emergence of financial technology, has shown that it is no more business as usual for corporate trustees and the Nigerian capital market,” she said.
Director General, Security Exchange Commission, Dr Emomotimi Agama, lauded the association’s consistent efforts at convening critical dialogues on fiduciary responsibility, market integrity, and financial innovation.
He noted that the focused topic spoke to the shifting paradigm in Nigeria’s financial market.
“We encourage the association to prioritise digitisation training, in digital finance, risk management and data governance to ensure its members remain in the forefront of market intelligence,” he said.(NAN)(www.nannews.ng)
Edited by Kevin Okunzuwa
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