*As experts back AI to reshape financial services
WorldStage Newsonline– Dr Umaru Kwairanga, Chairman of the Nigerian Exchange Group (NGX), has urged financial sector stakeholders to embrace Artificial Intelligence (AI) to drive efficiency and improve customer satisfaction.
Kwairanga who made this call in Lagos on Thursday while speaking at the SUPERNEWS Artificial Intelligence Confab (SAIC’25), held in Lagos said AI is one of the most transformative technologies of our time and should be adopted to make Nigeria’s financial sector globally competitive.
The theme of the conference was ‘The Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience.’
He said “AI is not just a trend, it is the future. Financial institutions must use it to boost efficiency and meet rising customer expectations,” he said.
He added that although Nigeria’s financial services sector is vibrant, challenges remain which AI-powered innovation and intelligent automation can help solve.
Kwairanga urged industry players to tackle issues like power shortages, weak data systems, and poor capital access through strategic collaboration and AI adoption.
“Recent data from the National Bureau of Statistics shows that services drive Nigeria’s economy, with financial services being the most active part.
“It is doing well in many ways, but we all know there’s still considerable room for improvement.
“Much of this improvement can come through artificial intelligence, which offers practical and scalable solutions.
“Let us address Nigeria’s unique issues — power, data, and capital — so our sector leads this next global business revolution,” he said.
Kwairanga said embracing AI is not only about following global trends but about solving local problems and improving service delivery for millions of Nigerians.
He reaffirmed NGX Group’s commitment to supporting innovation, inclusion, and sustainable growth in Nigeria’s financial markets.
AI TO RESHAPE FINANCIAL SERVICES
Mr Johnson Chukwu, Managing Director/CEO of Cowry Asset Management Ltd. the Keynote Speaker warned at the forum that companies ignoring Artificial Intelligence (AI) risk becoming obsolete and uncompetitive.
He described the theme: ‘Power of Artificial Intelligence: Enhancing Efficiency and Consumer Satisfaction for Better Financial Services Experiences’ as timely and relevant.
He said AI would shape future human engagement, interaction, and experience. Firms that fail to adopt AI, he noted, would lose relevance and competitiveness.
He described AI as a technology that enables machines to simulate human learning, creativity, problem-solving, decision-making, and automation.
Using graphical slides, he outlined AI’s evolution and highlighted its impact on efficiency and customer service delivery.
In her welcome speech, Ngozi Onyeakusi, Publisher/CEO of SUPERNEWS Nigeria, also said AI could significantly transform Nigeria’s financial sector.
She said AI had grown in popularity, with global business value from AI rising from $1.2 trillion in 2018 to $3.9 trillion in 2022.
She noted that AI could promote financial inclusion, reducing barriers between the masses and access to financial services.
According to her, AI offers a unique chance to expand reach, lower operational costs, and improve customer experiences.
She said the theme reflected a drive to help Nigerians embrace technological innovations for sustainable growth.
The confab explored how AI is revolutionising financial services through automation, customer interaction, risk control, and fraud detection.
