CBN mulls AI innovation in Nigeria’s banking industry

The Central Bank of Nigeria (CBN) has said that it is anticipating a wave of innovation around artificial intelligence in the banking sector.

The Acting Director, Banking Supervision Department, Dr Adetona Adedeji made this known at the 30th Nigerian Economic Summit (NES) in Abuja yesterday.

According to the apex Bank’s representative, the Bank noted that it is excited at the innovations that are currently ongoing in the banking industry across the world.

The Bank noted the innovation it is expecting to create more value to consumers’ experience is through artificial intelligence.

Adedeji acknowledged that there are several innovations highlighting that the CBN has introduced some into the banking industry, especially in the area of e-channel.

He noted that banking was a business of trust and confidence, adding that by the time the confidence you have in your financial system was eroded, there would be problems.

Adedeji also said that CBN was working hard to bring down inflation in the country.

“So we want to plead for your understanding, as we are doing everything possible within our power to make sure we phase off inflation.

“Any policy we roll out now is one which will help us to achieve that. We want to crave the indulgence of Nigerians to please exercise patience. We understand what the country is going through,” he said.

In the same vein, the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said that they had policies that favour exporting.

“We have been very intentional in reducing the tax burden on businesses.

“The government can actually find ways to incentivise companies like groups around the world that are willing to come and invest here,” Oyedele noted.