Financial experts have cautioned Nigerian banks not to leave trust and integrity behind as they increasingly deploy Artificial Intelligence (AI) to enhance customer experiences and streamline operations.
That was the core message at the 4th Stakeholders’ Conference organised by the Association of Corporate Affairs Managers of Banks (ACAMB), held on Thursday in Lagos.
With the theme “AI and the Future of Trust: Reimagining Banking and Financial Services in a Digital-First Era,” the event brought together leaders from the banking, tech, and communications sectors to reflect on AI’s growing role and the need to build integrity into its adoption.
According to the experts, AI has brought undeniable benefits to banking, including faster transactions, smarter fraud detection, and wider financial inclusion.
However, it also raises fresh concerns around data privacy, algorithmic bias, and the potential erosion of public trust.
Speaking at the conference, ACAMB President, Rasheed Bolarinwa, said the banking industry is at a critical point, where technology must be implemented with care and transparency.
“Trust must not only be preserved, it must be enhanced by the very technologies we are adopting. As AI transforms how we serve customers, stakeholder collaboration is crucial to ensure this transformation is ethical, inclusive, and responsible,” Bolarinwa said.
Backing this stance, President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, emphasized that banking without trust is a hollow shell.
“Every industrial revolution has been driven by general-purpose technology. Today, AI is that driver. But if we adopt it without integrity and transparency, we risk losing the very foundation of banking,” said Olanrewaju, who was represented by the CIBN Registrar, Akin Morakinyo.
Delivering a keynote address at the event, Managing Partner at Verraki Africa and Chairman of the Nigerian Economic Summit Group (NESG), Niyi Yusuf, highlighted AI’s long evolution—from theory in the 1950s to today’s deep-learning models.
He warned, however, against using AI tools built for Western markets without adapting them to local realities.
“We need AI algorithms tailored for Africa, our culture, languages, financial behaviours. Otherwise, we risk deploying systems that alienate customers instead of empowering them,” Yusuf said.
He emphasized the importance of keeping “humans in the loop” in AI-driven banking processes to balance automation with empathy, oversight, and fairness.