As artificial intelligence (AI) continue to rapidly transform the financial services sector, there is need to estanlish a robust AI framework that will provide a safeguards to customers.
The Managing Partner of Verraki Africa Mr Niyi Yusuf disclosed on thursday at the fourth edition of Association of Corporate Affairs Managers of Banks (ACAMB) stakeholders conference in Lagos.
“We must be deliberate to maximise the benefits and mitigate the risks of AI”
Mr. Niyi Yusuf, who also is chairman of the Nigeria Economic Summit Group (NESG), emphasized the need for a proactive approach to harness the benefits of AI while minimizing its risks.
Speaking on the theme “AI and The Future of Trust: Reimagining Banking and Financial Services In A Digital First Era,” Yusuf noted that AI is a powerful tool that can help tackle complex problems quickly.
However, it also poses considerable risks, including mis and disinformation, inherent biases, and potential impacts on job markets and democratic values.
Yusuf highlighted several barriers to AI adoption, which includes digital infrastructure deficit, high cost of smartphones and data, many people lacking the skills to use AI-driven services. Multiple regulations and lack of AI governance.
To promote trust and inclusion, Yusuf suggested defining trust parameters and AI guardianship to enable consent-driven systems.
He also emphasized the need to foster ethical AI development, human centric design, and awareness, literacy, skills, and talent development.
Industry experts, including Yonodu Okeugo, Business Banking and Partnership Division VFD Microfinance Bank, Dr. Harrison Nnaji, Chief Information Security Officer, First Bank Of Nigeria Limited. and Dele Adeyinka,
Chief Digital Officer Polaris Bank, shared their practical experiences and insights on AI adoption in the financial services sector during a panel discussion.
The experts concensus is that ACAMB members has critical role to play in enhancing customers trust as technology shapes our activities.
Meanwhile, in his welcome address, ACAMB President Rasheed Bolarinwa emphasised the significance of the 2025 conference in light of evolving technological and regulatory demands.
He said, “As AI revolutionises banking, the question is not just about adoption; it is about how we harness it to rebuild trust in an increasingly sceptical digital landscape.
This conference is a clarion call for collaboration. We must ensure that AI serves as a bridge, not a barrier, to financial inclusion and integrity. Together, we will redefine what it means to be a trusted financial institution in 2025 and beyond.
The Association of Corporate Affairs Managers of Banks (ACAMB), was founded in 1996 to combat the negative perception of the banking industry, restore ethics and public confidence in the sector.
Today, the association continue to be the industry’s voice, shaping positive views and tackling reputational challenges as the sector emerges stronger within and outside Nigeria, sub-Sahara and African markets.
