As Nigerian banks rapidly embrace Artificial Intelligence (AI) to improve their services and operations, experts are urging them not to lose sight of one key pillar: trust.

This was the main takeaway at the 4th Stakeholders’ Conference organised by the Association of Corporate Affairs Managers of Banks (ACAMB) in Lagos, where industry leaders, tech experts, and regulators gathered to discuss the future of banking in an AI-driven world.

The conference, themed “AI and the Future of Trust: Reimagining Banking and Financial Services in a Digital-First Era,” highlighted how AI is already transforming banking in Nigeria. From speeding up transactions and detecting fraud faster to expanding financial inclusion, AI is making a big impact.

But with these benefits come serious concerns — especially around data privacy, bias in automated systems, and the risk of eroding customer trust if AI isn’t handled responsibly.

Rasheed Bolarinwa, President of ACAMB, captured this caution perfectly:

“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.”

Echoing this, the President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, warned that banking built without trust is like a house without a foundation.

“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.”

Meanwhile, keynote speaker Niyi Yusuf, Managing Partner at Verraki Africa and Chairman of the Nigerian Economic Summit Group (NESG), stressed the need for localized AI.

“We can’t just import AI systems designed for Western markets. We need algorithms that understand our culture, languages, and financial habits, or we risk alienating customers instead of empowering them.”

 

Panelists from Polaris Bank, VFD MFB, and FirstBank agreed that while AI tools like facial recognition for account opening and smart fraud detection are already widely used in Nigeria, banks must keep evolving their safeguards. They also emphasized the need to keep “humans in the loop” to ensure fairness and empathy, and to prioritize customer education and transparent data use.

In all, the event served as a reminder that while technology will shape the future of banking, trust remains the currency that truly matters. As AI takes a bigger role, Nigerian banks are being challenged to ensure that innovation doesn’t come at the expense of integrity.