By Muhammad Sal
Nigerian banks are rolling out Artificial Intelligence (AI) to improve services, but experts say they must not forget trust and transparency.
At the 4th Stakeholders’ Conference of the Association of Corporate Affairs Managers of Banks (ACAMB) in Lagos, industry leaders discussed how AI is changing banking in Nigeria. The event, themed “AI and the Future of Trust: Reimagining Banking and Financial Services in a Digital-First Era,” brought together top voices from banking, technology, and communications.
AI is already making banking faster and smarter. Customers now enjoy quicker transactions, better fraud detection, and easier access to financial services. But with these benefits come new risks. Experts at the conference warned about issues like data privacy, algorithm bias, and the risk of losing public trust if banks are not careful.
Rasheed Bolarinwa, President of ACAMB, said, “Trust must not only be preserved, it must be enhanced by the very technologies we are adopting.
Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), added, “Every industrial revolution has been driven by general-purpose technology. Today, AI is that driver. But if we adopt it without integrity and transparency, we risk losing the very foundation of banking.” He was represented at the event by CIBN Registrar, Akin Morakinyo.
Niyi Yusuf, Managing Partner at Verraki Africa and Chairman of the Nigerian Economic Summit Group (NESG), spoke about the need for AI tools that fit Nigeria’s unique culture and languages. “We need AI algorithms tailored for Africa, our culture, languages, financial behaviours. Otherwise, we risk deploying systems that alienate customers instead of empowering them,” Yusuf said.
During a panel session, leaders from Polaris Bank, VFD Microfinance Bank, and FirstBank agreed that Nigerian banks are leading in AI use across Africa. They pointed out that banks use AI for things like facial recognition during digital onboarding and for spotting fraud. But they also agreed that as AI grows, banks must keep improving rules that protect customers.
Experts say Nigerian banks should focus on customer education, clear data policies, and strong oversight as they adopt more AI. The goal is to make banking better and safer for everyone, without losing the trust that holds the industry together.
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