AI more beneficial to Banks when risks are managed — FirstBank MD

First Bank of Nigeria Limited Managing Director, Olusegun Alebiosu has stated that artificial intelligence will provide far more efficiency and opportunities than threats for the banking sector, provided that associated risks are properly managed.

Speaking on the sidelines of the 19th Chartered Institute of Bankers of Nigeria Annual Banking and Finance Conference in Abuja, Alebiosu noted that while AI has heightened cyber risks and shifted financial crime online, it also drastically accelerates data gathering and operational efficiency.

He revealed that FirstBank currently invests more than ₦6 billion annually in cybersecurity, utilizing 24-hour command centre surveillance and countermeasures to take down millions of threats every month as business operations expand.

Addressing industry challenges, Alebiosu also emphasized that expanding credit to Micro, Small, and Medium Enterprises (MSMEs) requires stronger legal frameworks and trust within the business environment.

He stressed that robust judicial backing and government investment in contract enforcement are essential to secure lenders against fraud and build a resilient financial ecosystem.