AI: Key to unlocking growth in Nigeria’s financial sector, say stakeholders

L-R: Head, Financial Institutions Ratings, Augusto & Co, Ayokunle Olubunmi; Former Managing Director, Hilal Takaful Insurance Ltd, Thaibat Adeniran, keynote speaker/founder & Managing Director, Cowry Asset Management Ltd, Sir Johnson Chukwu; Chairman of occasion/Group Chairman, Nigerian Exchange Group, Alhaji (Dr). Umaru Kwairanga, Founder/CEO, ZER Consulting Africa, Adeola Adewumi-Zer, and National President, Bank Customers Association of Nigeria, Dr. Uju Ogubunka, during the AI Artificial Intelligence ’25 conference organised by SuperNews on the theme: Power of AI: enhancing efficiency and customer satisfaction for better financial services experience, in Lagos, on Thursday.

Stanley Ihedigbo

Stakeholders in Nigeria’s financial sector have emphasized the importance of Artificial Intelligence (AI) in driving growth and innovation in the industry.

According to them, AI has the potential to transform the financial sector by improving efficiency, reducing costs, and enhancing customer experience.

Speaking at the SUPERNEWS Artificial Intelligence Confab’25 in Lagos, Chairman of Nigerian Exchange Group (NGX), Alhaji (Dr.) Umaru Kwairanga, urged for accelerated adoption of Artificial Intelligence (AI) in Nigeria’s financial services sector to boost operational efficiency, enhance customer satisfaction, and position the nation at the forefront of global financial innovation.

He said that emphasized the game-changing potential of AI, likening it to historic breakthroughs such as the steam engine and the Internet.

He commended SUPERNEWS for spotlighting AI as the central theme of this year’s conference, aptly titled “Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience.”

“The services sector is the engine of Nigeria’s economy, and the financial services sub-sector stands as its most vibrant component,” Dr. Kwairanga noted. “While commendable progress has been made, there remains vast room for improvement—improvements that artificial intelligence can deliver.”

He highlighted AI’s potential to not only streamline operations but also address Nigeria-specific challenges such as unreliable power supply, limited data infrastructure, and funding constraints.

According to him, leveraging AI could unlock new efficiencies and elevate the customer experience across banking, insurance, pensions, and other financial services.

The event was attended by high-level stakeholders from across the industry, with an interactive panel comprising operators, consultants, and consumers, who shared practical insights on AI deployment in the sector.

Dr. Kwairanga urged the audience to take active roles in shaping a future-ready Nigerian financial ecosystem powered by intelligent technology.

Earlier in his presentation, the keynote speaker at the event, Chief Executive Officer, of Cowry Asset Management Limited, Sir Johnson Chukwu, highlighted some of the ways that AI can benefit the financial sector.

On consumer credit, Chukwu said, “Today, consumer credit is everywhere in this country because the machines can determine your income level and what you spend on. If you know the information available to the telco companies, they know who you make payments to and where you went to smoke. Once you make a payment, they track it, so they know your consumption pattern; they know how much comes to your account, so they can say, I can give Johnson an N50,000 loan. The loan is automated; you apply and get it in minutes.”

On boosting customer experience, Chukwu said the use of AI has led to “enhanced personalization. One million customers and each of them is treated as an individual. You’re not a part of the crowd. The system knows you as an individual, knows your face, knows your eyes, knows your fingerprint, and knows where you’re coming from. In that case, it also narrows your demand to what fits your purpose.”

He added that it would also lead to faster complaint resolution, “Because the machine has so much data when you make your complaint, it will be able to know what is best to do to address your complaint.”

He concluded by saying, “There are seven C’s to implementing AI. Capacity: you must have the capacity, you must have the capability, you must collaborate, you must have creativity, and you must have cognition, continuity, and control.

“On that note, I feel artificial intelligence will define the future of human engagement, interaction, and experience. Companies that fail to adopt AI will not only be uncompetitive but will also become obsolete shortly.”

The Publisher/CEO, SUPERNEWS Nigeria, Ngozi Onyakusi, said, SUPERNEWS’ choice of the theme was borne out of its quest to contribute its quota in equipping Nigerians with requisite knowledge in embracing tech innovations.

She noted that Artificial intelligence (AI) adoption can transform the Nigerian financial sector.

“AI technology, according to experts, has gained so much popularity in businesses that analysts put global business value earned through artificial intelligence at $3.9 trillion in 2022, from $1.2 trillion in 2018. The technology is believed to be capable of facilitating financial inclusion, thus bridging the gap between the masses and financial services, helping to bring these services closer to the people seamlessly. AI offers an unprecedented opportunity to reach more customers, reduce operational costs and enhance customer experience”, she opined.