NESG Chairman Advocates Ethical AI Adoption in Banking Sector
Written by Blessing Ajibuwa on July 14, 2025
Niyi Yusuf, Chairman of the Nigerian Economic Summit Group (NESG), has emphasized the need for responsible and inclusive AI adoption in the banking sector. He highlighted the importance of trust in banking, advocating for explainable, transparent AI systems and local innovation to foster inclusion. According to Yusuf, trust is crucial in banking, and AI systems should be designed to promote transparency and inclusion.
*Key Points:*
– *Responsible AI Adoption*: Yusuf emphasized the need for responsible and inclusive AI adoption in the banking sector, ensuring that AI systems are designed to promote transparency and inclusion.
– *Trust in Banking*: Trust is crucial in banking, and AI systems should be designed to foster trust between banks and their customers.
– *Local Innovation*: Local innovation is essential for fostering inclusion and promoting economic growth, enabling Nigerian businesses to develop AI solutions that meet local needs.
Benefits of Ethical AI Adoption
Ethical AI adoption in the banking sector can bring numerous benefits, including:
– *Fairness and Non-Discrimination*: AI systems should be designed to treat all individuals fairly and without bias, regardless of their race, gender, age, or socioeconomic status.
– *Transparency and Explainability*: AI systems should provide transparent and explainable decisions, enabling customers to understand the rationale behind financial decisions impacting their lives.
– *Accountability*: Financial institutions should be held accountable for the decisions made by their AI systems, with clear lines of responsibility established.
Challenges of AI Adoption in Banking
The adoption of AI in banking presents several challenges, including:
– *Data Quality*: Ensuring that data used for AI systems is accurate, complete, and unbiased.
– *Risk Management*: Managing the risks associated with AI adoption, including algorithmic bias and security vulnerabilities.
– *Regulatory Compliance*: Ensuring that AI systems comply with relevant regulations and laws.
The Association of Certified Anti-Money Laundering Specialists (ACAMB) will host a conference to discuss the opportunities and challenges of AI in banking, with a focus on rebuilding trust in a digital world. Industry leaders will share insights on how AI can be used to promote financial inclusion and integrity.
