Financial sector professionals have sounded the alarm on the urgent need for trust and ethical accountability in Nigeria’s banking sector as artificial intelligence (AI) becomes more deeply woven into digital banking operations.

This critical call was made during the 4th Stakeholders’ Conference organized by the Association of Corporate Affairs Managers of Banks (ACAMB) on Thursday, July 11, 2025, in Lagos. Themed “AI and the Future of Trust: Reimagining Banking and Financial Services in a Digital-First Era,” the event gathered leaders in banking, technology, and communications to examine how AI can shape a more inclusive and reliable financial ecosystem—only if implemented responsibly.

AI’s Promise Comes With Responsibility

Speakers at the conference acknowledged the immense advantages AI offers the banking industry—from faster and more secure transactions to enhanced fraud detection, intelligent customer service, and broader access to financial tools. However, they cautioned that these benefits must not come at the cost of public trust, data protection, or fairness.

Rasheed Bolarinwa, President of ACAMB, set the tone by emphasizing that technological advancement should not undermine the values of integrity and inclusiveness.

“We are at a transformative moment. As banks embrace artificial intelligence, we must ensure that trust—already a foundational element of banking—is not only preserved but reinforced,” Bolarinwa stated.

“This transformation should be people-centered. Ethical practices and collaboration across sectors are key to guiding AI integration in ways that empower, not exclude, customers.”

Without Trust, Banking Is Hollow

Representing the Chartered Institute of Bankers of Nigeria (CIBN), Registrar Akin Morakinyo delivered remarks on behalf of the Institute’s President, Prof. Pius Olanrewaju. He reinforced the notion that trust is the lifeblood of the banking system, warning that the misuse or unregulated use of AI could erode the public’s confidence.

“Every industrial era has been shaped by a game-changing technology. Today, AI is that tool. But we must not allow it to operate in a black box. Transparency is the only way forward if we are to sustain the credibility of our institutions,” Olanrewaju said through his representative.

A Call for African-Centered AI Development

In his keynote speech, Niyi Yusuf, Managing Partner at Verraki Africa and Chairman of the Nigerian Economic Summit Group (NESG), gave historical context to the rise of artificial intelligence. He traced its growth from early academic curiosity in the 1950s to the current explosion of deep learning and generative AI tools.

Yusuf, however, warned against blindly importing AI models developed in foreign markets—particularly Western countries—without adapting them to Nigeria’s distinct cultural, linguistic, and economic landscape.

“Africa cannot afford to use AI that doesn’t understand our languages, cultural values, or financial habits. If we do, we risk excluding the very people we claim we want to include,” he said.

He urged Nigerian banks to design and deploy AI with local context in mind and always keep human oversight in the loop, especially when decisions affect customer wellbeing or access to financial services.

Industry Experts: Balance AI Power with Governance

A lively panel session followed, featuring notable executives such as:

• Dele Adeyinka, Chief Digital Officer, Polaris Bank

• Yonodu Okeugo, representative of VFD Microfinance Bank

• Dr. Harrison Nnaji, Chief Information Security Officer, FirstBank

The panelists discussed both the opportunities and pitfalls of AI in Nigeria’s fast-digitizing financial sector. They noted that many Nigerian banks are already leaders in AI use, employing it in areas such as facial recognition for remote onboarding, automated credit scoring, and real-time fraud alerts.

Despite these advances, the experts agreed that stronger regulatory guardrails and customer safeguards must evolve alongside technological developments. They emphasized:

• The need for clear data privacy policies

• Customer education on how AI makes decisions

• Accountability frameworks to prevent AI from reinforcing systemic bias or excluding vulnerable populations

Dr. Nnaji specifically highlighted the cybersecurity risks that come with increased AI adoption, stressing the importance of securing digital infrastructures and protecting sensitive customer data.

AI Must Enhance, Not Replace Human Connection

Throughout the event, one theme remained consistent: AI must not be allowed to strip away the human aspect of banking. While automation improves efficiency, speakers cautioned that empathy, judgment, and transparency remain vital in customer interactions.

The consensus was clear—trust cannot be programmed into a machine, but it must be consciously embedded into the design and governance of every AI system banks choose to implement.

What’s Next for Nigerian Banking?

The ACAMB conference highlighted that AI’s role in banking is no longer a future ambition—it is already reshaping the landscape. However, without prioritizing ethics, transparency, and customer empowerment, the industry risks alienating the very people it seeks to serve.

Financial institutions are now being urged to invest not only in technology but also in building public trust, collaborating with regulators, civil society, and tech developers to craft policies that uphold the integrity of banking services in the AI age.

As Nigeria’s digital banking revolution continues, experts agree that the true test won’t be how fast banks adopt AI—but how responsibly they do it.