AI’s future in banking depends on local solutions and trust

Experts stress need for trust and transparency in AI-driven finance
Banks seen as key players in Africa’s AI revolution

According to leading industry voices, banks and financial institutions are expected to play a central role in accelerating AI adoption across African markets.

Experts at the ACAMB stakeholders’ conference in Lagos stressed the need for region-specific AI solutions to meet Africa’s unique financial needs.

Niyi Yusuf, Chairman of the Nigerian Economic Summit Group, highlighted AI’s evolution since the 1950s and its growing influence on modern banking.

He called for AI algorithms tailored to local challenges, rather than relying on those designed for advanced economies.

Yusuf noted that banks have long used AI to enhance efficiency and reduce fraud, but warned that customer trust must remain at the heart of digital transformation. He said the success of future innovations depends on preserving transparency and safeguarding data.

Professor Pius Olarenwaju of the CIBN described AI as a general-purpose technology driving the fourth industrial revolution. He warned that resisting adoption would risk excluding stakeholders from the future of financial services.

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