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The Association of Corporate Affairs Managers of Banks (ACAMB), on Thursday held its 2025 National stakeholders conference in Lagos, with theme, ‘AI & the future of Trust: Reimagining Banking and financial services in a Digital-first era.
The conference which was held specifically at the Chartered Institute of Banks of Nigeria (CIBN) House, had in attendance experts in the Artificial Intelligence space, past and current corporate affairs managers of all the banks amongst other stakeholders.
Mr. Niyi Yusuf, Managing Partner at Varriki, emphasized the need for a robust AI framework to safeguard the financial services sector while speaking as the guest speaker on the conference theme.
Mr. Yusuf noted that technology has been transforming the world, and opportunities of AI in the financial services industry will enhance reimagined engagement between banks and their customers.
He described AI as the “bank of the future,” which will drive profitability, personalization at scale, omnichannel experience, and speed innovation.
According to him, AI will bring about intelligent products, tools, and experiences for customers and employees, smart services, and operations, among others. Embracing AI in banking will result in advanced analytics, leading to customer acquisition, credit decision-making, monitoring and collections, retention, cross-selling, upselling, and servicing.
Speaking on the opportunities of AI in financial services, Mr. Yusuf explained that it will deepen financial inclusion by reaching the unbanked and underbanked through digital KYC and customer acquisition. AI will also ensure efficiency through automated credit scoring, customer service, call centers, reconciliations, lending, and transaction processing.
Additionally, AI will enable real-time fraud detection and cybersecurity, personalized finance through AI-driven investment recommendations, and workforce transformation through reskilling for AI-powered roles.
To mitigate AI risks, Mr. Yusuf emphasized the need for regular audits, diverse training data, fairness-aware algorithms, and human-in-the-loop approaches to address accuracy and bias.
He also highlighted the importance of creating interpretable models, robustness testing, adversarial training, and secure deployment to ensure transparency and security in AI decision-making.
He outlined several key action points, including:
- Governance: Establishing trust parameters and AI guardianship to promote awareness, literacy, and skills development.
- Ethical AI Development: Fostering human-centric design and ethical AI development to ensure inclusivity and minimize risks.
- Transparency and Accountability: Promoting explainability, transparency, and accountability in AI systems to build trust.
- Regulatory Framework: Encouraging innovation, local datasets, data privacy, and consumer protection through effective regulations.
- Supporting AI Startups: Nurturing AI startups and entrepreneurs to ensure failures are not fatal and to promote a thriving AI ecosystem.
Mr. Yusuf stressed that AI is rapidly transforming the financial services sector and that a robust framework is necessary to mitigate risks and maximize benefits. He emphasized the need for deliberate efforts to harness the potential of AI and ensure that its development is inclusive and beneficial to all.
A trio of panelists, comprising Yonodu Okeugo, General Manager of Business Banking & Partnership Division at VFD MFB, Dr. Harrison NnajiA trio of panelists, comprising Yonodu Okeugo, General Manager of Business Banking & Partnership Division at VFD MFB, Dr. Harrison Nnaji, Chief Information Security Officer at First Bank of Nigeria, and Mr. Dele Adeyinka, Chief Digital Officer at Polaris Bank, echoed the need for embracing AI as a strategic enabler in the financial sector.
They described AI as a cross-functional structure that requires collaboration among all stakeholders in the financial sector. By leveraging AI, financial institutions can ensure accuracy, enhance trust from customers, and drive business growth.
The panelists highlighted AI’s potential to:
- Improve operational efficiency and reduce costs
- Enhance customer experience through personalized services
- Detect and prevent financial crimes, such as fraud and money laundering
- Provide data-driven insights for informed decision-making
- Foster innovation and competitiveness in the financial sector
They reasoned that, by harnessing the power of AI, financial institutions can stay ahead of the curve and deliver exceptional value to their customers.
Earlier in his opening remarks, ACAMB President Mr. Rasheed Bolarinwa noted that Artificial Intelligence (AI) has become the new normal, permeating every aspect of the domestic economy.
He said, the theme for this year’s conference was chosen to stimulate stakeholders in the financial services sector to brainstorm on the issue, given its significance to the industry’s growth and development.
He added that the engaging discussions at the conference would further deepen financial markets and provide the necessary niche for operators to grow their businesses.
