Financial experts have urged Nigerian banks to prioritise trust and integrity as they integrate Artificial Intelligence into their operations, warning that the long-term credibility of the financial system depends on responsible deployment of the technology.

This caution was issued at the 4th Stakeholders’ Conference of the Association of Corporate Affairs Managers of Banks, held Thursday in Lagos State.

Themed “AI and the Future of Trust: Reimagining Banking and Financial Services in a Digital-First Era,” the conference convened industry leaders from banking, technology, and communications to examine the evolving role of AI in financial services.

While acknowledging AI’s transformative potential—particularly in areas such as real-time transactions, fraud detection, and financial inclusion—participants also highlighted pressing risks, including data privacy breaches, algorithmic bias, and declining public confidence.

ACAMB President, Rasheed Bolarinwa, noted that the industry is at a critical inflection point.

“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.

President of the Chartered Institute of Bankers of Nigeria, Prof. Pius Olanrewaju, underscored that without trust, the foundation of banking is meaningless.

“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.

Meanwhile, the Managing Partner at Verraki Africa and Chairman of the Nigerian Economic Summit Group, Niyi Yusuf, traced AI’s journey from its theoretical beginnings in the 1950s to the rise of today’s advanced deep-learning models.

He cautioned against the wholesale adoption of AI tools designed for Western markets, stressing the need to tailor these technologies to Nigeria’s unique social, economic, and regulatory environment.

“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 need to maintain “human oversight” in AI-powered banking, noting that combining automation with empathy and fairness is essential to ensure responsible and inclusive financial services.