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… companies must adopt AI in operation to remain competitive and relevant — Johnson Chukwu
The Group Chairman of NGX Group, Alhaji (Dr.) Umaru Kwairanga, has emphasized the transformative potential of Artificial Intelligence (AI) in financial services, highlighting its capacity to enhance efficiency, customer satisfaction, and sustainable development.
Speaking at the SuperNews 2025 Artificial Intelligence Conference in Lagos, Kwairanga noted that AI has evolved into a transformative force that is redefining how businesses operate, decisions are made, and value is delivered in the financial services ecosystem.
He cited the growth of mobile banking in Nigeria, which has expanded rapidly, reaching 39% of adults and generating over 10.7 billion transactions in 2023. Kwairanga emphasized that AI-driven financial services can deepen financial inclusion, improve operational efficiency, and advance sustainable finance.
The NGX Group Chairman highlighted the potential of AI to advance broader goals such as sustainable development, noting that AI can empower investors and issuers to align capital flows with development goals and make decisions that reflect global best practices and the Sustainable Development Goals.
Kwairanga also emphasized the need for responsible AI development, stressing the importance of strengthening cybersecurity and operational risk management, investing in workforce development, and ensuring AI governance frameworks protect the interests of consumers, investors, and markets.
He called for collaboration across sectors to unlock the full potential of AI in the financial services sector, shaping a future where AI is a force for good, enhancing efficiency, improving customer satisfaction, and advancing markets that deliver both economic value and real societal progress.
Mr. Johnson Chukwu, MD/CEO of Cowry Asset Limited emphasized the need for organizations in the domestic economy to adopt Artificial Intelligence (AI) in their operations to remain competitive and relevant.
In his paper titled “Power of Artificial Intelligence: Enhancing Efficiency and Consumer Satisfaction for Better Financial Services Experience,” Chukwu stated that companies that fail to adopt AI will become obsolete in the future.
He noted that AI is already being leveraged in various areas, including data analysis, investment management, cybersecurity, customer service, forecasting, risk management, fraud detection, and algorithmic trading.
Chukwu highlighted the impact of AI on customer experience, citing benefits such as:
– Enhanced personalization
– Proactive customer support
– Faster complaints resolution
– Improved user experience
– Improved customer insight and analytics
– Cost reduction and increased staff efficiency
He stressed that AI will define the future of human engagement, interactions, and experience, and urged organizations to adopt AI to remain competitive.
Earlier in her welcome address, the convener and Publisher of SuperNews, Ngozi Onyeakusi, said the conference was designed to deepen understanding of AI’s role in redefining the financial services sector, accelerating automation, customer engagement, risk management, and fraud prevention.
“The conference highlights the potential of AI to bridge the gap between the masses and financial services, making them more accessible and convenient. With global business value earned through AI estimated at $3.9 trillion in 2022, the event provides a learning opportunity for participants to explore the imperative and use of AI in rendering financial services.
