As Nigerian banks accelerate the adoption of Artificial Intelligence (AI) to enhance customer experience and streamline operations, financial experts are calling for a balanced approach that prioritises trust, transparency, and local relevance.
The message was clear at the 4th Stakeholders’ Conference organised by the Association of Corporate Affairs Managers of Banks (ACAMB) on Thursday in Lagos.
With the theme “AI and the Future of Trust: Reimagining Banking and Financial Services in a Digital-First Era,” the event gathered top leaders from Nigeria’s banking, technology, and communications sectors.
Why Nigerian Banks Are Embracing AI
Experts agree that AI offers undeniable benefits in Nigerian banking, including:
- Faster transactions
- Smarter fraud detection
- Expanded financial inclusion
However, AI’s growth also brings challenges such as:
- Data privacy concerns
- Algorithmic bias
- Public trust erosion
ACAMB and CIBN Call for Responsible AI Adoption
Speaking at the event, ACAMB President Rasheed Bolarinwa emphasised that while banks embrace AI, they must prioritise ethical implementation.
“Trust must not only be preserved, it must be enhanced by the very technologies we are adopting,” Bolarinwa said.
Backing this stance, Professor Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), highlighted that banking is meaningless without public trust.
“Every industrial revolution has been driven by general-purpose technology. Today, AI is that driver. But if we adopt it without integrity and transparency, we risk losing the very foundation of banking,” Olanrewaju said, represented by CIBN Registrar Akin Morakinyo.
The Need for Localised AI Solutions in Nigerian Banking
During his keynote address, Niyi Yusuf, Managing Partner at Verraki Africa and Chairman of the Nigerian Economic Summit Group (NESG), stressed that Nigeria needs:
- AI systems tailored to African languages, cultures, and financial behaviours
- Human oversight in AI-driven banking processes
“We need AI algorithms tailored for Africa… Otherwise, we risk deploying systems that alienate customers instead of empowering them,” Yusuf warned.
Industry Leaders Weigh In
A panel session featured insights from:
- Dele Adeyinka, Chief Digital Officer, Polaris Bank
- Yonodu Okeugo, VFD MFB
- Dr. Harrison Nnaji, Chief Information Security Officer, FirstBank
The consensus:
- Customer education is critical
- Transparent data use policies must be prioritised
- Robust governance frameworks are essential
They noted that Nigerian banks already lead in AI use across Africa, from:
- Facial recognition in digital onboarding
- AI-powered fraud detection systems
Trust Must Guide AI in Nigerian Banking
As AI continues to reshape Nigeria’s financial services industry, experts agree that trust, ethics, and localised innovation must be at the core of banking strategies.
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