The ‘Future of Fintech in Africa 2023’ report has revealed that Nigeria can leverage Artificial Intelligence (AI) to drive financial inclusion, increase efficiency, and improve consumer experience. AI is already being used for machine learning algorithms, customer behaviour analysis, demographics, and data to create more personalised experiences for consumers. Nigerian banks have already leveraged chatbots powered by AI and Natural Language Processing technologies to provide customers with a faster and more convenient way to access banking services. AI can also play a crucial role in the cybersecurity space, leading to a decline in fraud numbers. For AI in Nigeria to continue to develop and streamline services, AI companies and regulators must cooperate to develop ethical, responsible, and sustainable technologies.
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