CBN report reveals the top three ways Nigerian fintechs are using AI
- 87.5% of surveyed fintech companies in Nigeria use AI tools for fraud detection.
- ₦17.6 billion ($11.2 million) was lost to fraud in Nigeria in 2023.
- 62.5% of fintechs employ AI-powered chatbots for customer service automation.
The increasing adoption of AI in Nigeria's fintech sector is a promising development that could enhance operational efficiency and reduce fraud. However, the need for regulatory clarity and technical talent suggests that stakeholders must collaborate to create a conducive environment for innovation.
