Abuja, July 11, 2025 — As Nigerian banks increasingly adopt artificial intelligence (AI) to enhance financial services, experts have raised concerns over regulatory gaps, data privacy, and the potential exclusion of vulnerable customers.
The rapid integration of AI-driven solutions such as chatbots, fraud detection systems, and credit scoring algorithms has sparked optimism within the financial sector, promising greater efficiency, cost reduction, and improved customer experiences. However, stakeholders at a recent financial technology forum in Lagos urged a balanced approach to its adoption.
Dr. Adaora Nwokoye, a digital finance consultant, cautioned that while AI offers numerous benefits, its deployment must be governed by clear regulatory frameworks to prevent unintended consequences. “AI must not become a tool for deepening inequality or for compromising the privacy of users. We need enforceable standards on data usage, transparency, and algorithmic accountability,” she said.
Other experts warned that without proper oversight, AI could reinforce existing biases in credit access or lead to unfair loan denials based on flawed data models. They also noted the need for banks to maintain human oversight in critical decisions to ensure fairness and trust.
In response, representatives from the Central Bank of Nigeria (CBN) assured that regulatory bodies are working closely with financial institutions to establish AI governance guidelines. A draft regulatory framework for emerging technologies in the financial services sector is expected to be released by the end of the year.
Meanwhile, banks like Access Bank and GTBank have already begun deploying AI-powered tools to streamline customer interactions and detect fraud in real time. Their executives maintain that these innovations are being implemented responsibly, with a strong emphasis on cybersecurity and compliance.
As Nigeria pushes toward a digitally driven economy, experts agreed that inclusive digital literacy, ethical innovation, and regulatory clarity must go hand in hand to safeguard consumer interests while enabling growth.