Stakeholders in Nigeria’s financial industry have called for the complete adoption of Artificial Intelligence (AI) technology to achieve overall improvement of the financial sector.
The Chief Executive Officer of Cowry Asset Management Limited, Johnson Chukwu stated that as the future of human engagement , interactions and experiences, companies that fail to adopt AI would not only be uncompetitive but would become obsolete in the future.
Chukwu, in his keynote address at the 2025 SUPERNEWS Nigeria Annual Conference spoke on the topic, ‘Power of Artificial Intelligence: Enhancing efficiency and consumer satisfaction for better financial services experiences.’
Chukwu outlined some of the benefits of adopting and implementing the use of AI in the financial industry.
“ These include but are not limited to Data analysis and forecasting, investment and risk management, fraud detection and cybersecurity, customer service and algorithm trading,” he said .
The Chairman, Nigerian Exchange Group, Dr. Umaru Kwairanga who chaired this year’s conference applauded the organisers for creating a platform that brings together key stakeholders to explore how emerging technologies are shaping the future of the financial industry.
He said, “I commend them for identifying and focusing on AI which has been the most prominent concept in technology in the last couple of years. By doing so, they have identified an area that many believe will be the basis for the next great leap in global and human development, just like the steam engine and the Internet.
Such concepts often determine the trajectory of development and capital accumulation and those who are quick to adopt and master them are most likely to be the leaders of the future.”
Kwairanga said going by recent data by the National Bureau of Statistics which described the financial services sub-sector as the most active in the services sector, there was still room for improvement through effective utilization of artificial intelligence.
Speaking from the consumer perspective, the National President, Bank Customers Association of Nigeria, Dr. Uju Ogubunka lamented the various gaps and lapses that exist in the financial industry.
He said that the banking industry has yet to holistically adopt and implement the use of AI in their operations, thereby reducing customer satisfaction.
Ogubunka said the Association has written to the Central Bank of Nigeria, CBN on the need for the regulator to find a permanent solution to excess charges, one of the major issues customers often complain about.
For her part, the organizer of the event and publisher of Supernews Nigeria, Ngozi Onyeakusi stated that the choice of the theme was borne out of the quest to contribute in equipping Nigerians with requisite knowledge in embracing tech innovations.
According to her, while AI is redefining the financial services sector, accelerating automation,risk management and fraud prevention, it is paramount for providers and consumers to enhance their awareness as well as deepen their understanding on the imperative and use of AI in rendering banking, capital market, pension and insurance services cheaper, faster and conveniently.
Victoria Ibanga