The Managing Director, Shared Agent Network Expansion Facilities (SANEF) Ltd., Mrs Uche Uzoebo on Thursday underscored the critical role Artificial Intelligence (AI) could play in bridging the customer experience gap for financial inclusion.
Speaking at the Payments Forum Nigeria (PAFON) event in Lagos, Uzoebo highlighted AI’s transformative potential in revolutionising the financial services landscape, particularly in Nigeria.
The theme of the event was: “Bridging the Customer Experience Gap for Financial Inclusion Using Artificial Intelligence (AI).”
SANEF is an initiative of the Central Bank of Nigeria.
Its mission is to collaborate with all stakeholders in widening and deepening Financial Access Points and Services towards meeting the financial inclusion targets across all geopolitical zones in Nigeria
Uzoebo highlighted how AI was transforming the financial services industry at an unprecedented pace, reshaping how businesses interact with customers, manage risks, and expand financial inclusion.
“The theme of today’s forum highlights how technology can serve as a powerful lever in reaching the underserved, while also emphasising our shared responsibility to do so ethically and securely,” Uzoebo said.
She emphasised that AI had become the invisible engine driving the modernisation of financial products and services.
“It is no longer a futuristic concept, it is at work right now all over the world, powering mobile banking apps, automating customer service, detecting fraud, and enabling instant lending decisions,” she said.
Uzoebo noted that in Nigeria, where millions remain unbanked and underbanked, AI presented a game-changing opportunity to bridge financial gaps, enhance accessibility, and improve the overall efficiency of the financial ecosystem.
Also, Uzoebo highlighted the transformative impact of agent banking, noting that by strategically deploying agents in underserved areas, it had bridged the gap between financial services and the unbanked population, bringing banking products and services closer to those who needed them.
She noted that with the agent banking model, SANEF had bridged critical gaps by reducing the need for long queues in physical bank branches, allowing individuals in hinterland areas to access banking services without traveling long distances.
Uzoebo emphasised that AI was the next frontier in the advancement of financial inclusion, guaranteeing speed and automation unlike traditional financial processes.
“With AI, we can scale financial inclusion more efficiently, ensuring that no one is left behind in the digital economy,” she said.
Uzoebo highlighted that AI could help minimise Know Your Customer (KYC) roadblocks, detect fraud and flag suspicious activities in real-time, thus enhancing greater trust in digital payments and solutions.
She emphasised that AI could also personalise and tailor financial products and services according to customers’ specific needs.
Uzoebo noted that in utilising AI to enhance financial inclusion, it was essential to adhere to established regulatory guidelines to ensure that the technology was deployed responsibly, ethically, and securely.
“The use of AI in payment solutions and within the broader financial inclusion industry must comply with existing regulatory frameworks such as the Central Bank of Nigeria (CBN) Consumer Protection Framework, Nigeria Data Protection Act (NDPA), and National Information Technology Development Agency’s Data Protection Regulation (NDPR),” Uzoebo said.
She noted that if AI was harnessed correctly, it could unlock unprecedented opportunities for financial inclusion in Nigeria.
“We can reach that trader in Kano, the smallholder farmer in Benue, or the petty trader in Aba who does not have traditional banking records, and offer them fair, secure, and innovative financial solutions,” Uzoebo said.
Uzoebo noted that the success of AI technologies depended not just on innovation but on trust.
“We must work tirelessly to guarantee that our AI systems respect individual privacy, maintain equitable standards for all, and remain transparent in their operations,” she said.
Uzoebo encouraged all stakeholders, including financial institutions, fintechs, development partners, and others, to collaborate in creating an environment where AI accelerated financial inclusion without sacrificing consumer protection or privacy.
NAN
