Financial institutions and regulators in Nigeria have been advised to take deliberate steps to embrace Artificial Inteligence (AI) and formulate a framework for its adaptation.
This advice was given by the Managing Partner of Verraki, Mr. Olaniyi Yusuf, in a paper titled ‘AI and the Future of Trust: Reimagining Banking and Financial Services in a Digital-First Era’, at a stakeholders’ conference organised by the Association of Corporate Affairs Managers of Banks (ACAMB) in Lagos.
Yusuf said that the use of AI in Nigeria financial services include automated credit scoring and loan processing by platforms like Fair Money. Others are fraud detection in digital banking and AI powered chatbots and service assistants.