The Group Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has called on Nigeria’s financial services industry to embrace Artificial Intelligence (AI) as a transformative tool for innovation, customer satisfaction, and sustainable development.
Delivering the keynote address at the SuperNews 2025 Artificial Intelligence Conference held Thursday, June 19, at the Oriental Hotel in Victoria Island, Lagos, Dr. Kwairanga described AI as a “strategic imperative” for institutions seeking to remain relevant in today’s fast-evolving financial landscape.
The conference, themed “Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience,” brought together regulators, fintech leaders, capital market operators, and tech innovators. Mr. Johnson Chukwu, MD of Cowry Asset Management Limited was in attendance as a guest speaker.
“Artificial Intelligence is no longer just a subject of experimentation; it is reshaping how businesses operate and how customers engage with financial services,” Kwairanga stated. “From real-time data analysis to AI-powered fraud detection and robo-advisory services, the potential for impact is immense.”
He cited a World Economic Forum report that underscores AI’s ability to rapidly process large datasets, adapt to dynamic market conditions, and generate superior outcomes. According to Kwairanga, global customer behavior reflects this shift — with 84% of customers willing to switch financial service providers for better AI-enabled experiences.
Nigeria Embracing the AI Wave
Kwairanga noted that Nigeria is already witnessing the impact of AI, particularly in mobile banking, where transaction volumes surged from 315 million in 2019 to over 10.7 billion in 2023. “This growth is fueled by our youthful, tech-savvy population and the innovative drive of fintech startups,” he said.
He highlighted the role of AI in accelerating financial inclusion, pointing to digital lending platforms that approve loans in minutes using AI and alternative data, eliminating paperwork and expanding access to underserved populations.
Driving Sustainability Through AI
The NGX Group Chairman also emphasized the importance of leveraging AI for sustainable finance. “At NGX, we view AI not just as a tool for efficiency, but as an enabler of responsible growth,” he said. “It allows us to advance green finance, climate risk reporting, and inclusive development initiatives.”
He cited the Group’s digital investment platform, NGX Invest, as an example of how technology is broadening access to capital markets and empowering the digital-first generation of investors.
Kwairanga lauded the Nigerian government’s support for responsible AI adoption, referencing the recent launch of the AI Scaling Hub in partnership with the Bill & Melinda Gates Foundation as a strategic step toward national development in areas such as health, education, and agriculture.
Improving Market Integrity
AI’s benefits also extend to strengthening market infrastructure, he said. At NGX Group, AI is being deployed to improve trade surveillance, automate regulatory monitoring, and enhance transparency across market operations. “AI-driven tools help ensure fair practices and bolster investor confidence,” Kwairanga added.
Managing Risks, Building Capacity
While outlining the many benefits of AI, Kwairanga cautioned against overlooking the associated risks. He stressed the growing threat of cyberattacks, particularly as financial institutions deepen their reliance on third-party AI tools.
“Strengthening cybersecurity and operational risk frameworks is non-negotiable,” he warned.
He also emphasized the need for human oversight in AI deployment, noting that technology should augment “not replace” human intelligence. “The demand for AI-literate professionals continues to outpace supply. This presents a golden opportunity for workforce upskilling and strategic investment in talent development,” he said.
Call for Collaborative Regulation
Kwairanga urged stakeholders to collaborate in establishing governance frameworks that safeguard consumer interests and market integrity. He called for Nigeria’s alignment with global standards set by organizations such as the Financial Stability Board (FSB), European Securities and Markets Authority (ESMA), and the International Organization of Securities Commissions (IOSCO).
“As an institution, NGX Group remains committed to building an efficient, resilient, inclusive, and future-ready capital market,” he affirmed.Concluding his address, the NGX Group Chairman encouraged participants to “challenge assumptions and think boldly” as the financial sector navigates the AI frontier.
“Let us work together to unlock the full potential of Artificial Intelligence, not just for profitability, but for building a financial system that delivers real societal progress,” he said.
The SuperNews 2025 Artificial Intelligence Conference continues to serve as a high-level platform for dialogue, innovation, and strategy-setting among key players in Nigeria’s financial and tech ecosystems.
Stay informed, stay ahead with The Ameh News
Discover more from Ameh News
Subscribe to get the latest posts sent to your email.
