Esther Oseyiomon
Stakeholders in Nigeria’s financial sector have called for stronger collaboration between banks and fintech companies as artificial intelligence (AI) continues to transform lending, payments, and financial services.
The discussion took place during a debate on AI growth in banking and fintech, held at the French Institute, Abuja, where experts examined innovation, regulation, infrastructure challenges, and the future of the financial ecosystem.
Speaking at the session, Jude Dahlio of the Kings Patriots Development Foundation said fintech companies are expanding rapidly and can no longer be ignored by traditional banks. He warned that without collaboration, banks risk losing ground as fintechs continue moving into full banking services.
Ikemefula Nwachukwu of FirstBank of Nigeria said AI is improving lending and operational efficiency, noting that intelligent systems now support faster decision-making and strong loan recovery performance while still requiring human oversight.
Francis Sani of the Federal Ministry of Communications, Innovation and Digital Economy said regulation remains necessary for stability, stressing that the key challenge is balancing oversight with innovation rather than restricting it.
Abiodun Afolabi said infrastructure remains a major barrier to financial expansion, pointing to challenges in power supply, connectivity, and physical access, which continue to limit financial inclusion beyond major cities.
Olayinka Abayomi of Access Bank raised concerns over data bias and cybersecurity risks in AI systems, warning that poor data governance could undermine trust and system reliability.
Akinkunmi Ogunsola of the Nigeria Inter-Bank Settlement System said AI can strengthen financial inclusion and fraud detection, noting that shared infrastructure remains key to scaling innovation across the sector.
Participants agreed that while AI presents both opportunities and risks, stronger collaboration between stakeholders will determine how effectively it reshapes Nigeria’s financial services landscape.