NGX Group Chair Umaru Kwairanga calls for adoption of AI to improve efficiency and customer satisfaction in Nigeria’s financial services sector
[dropcap]S[/dropcap]peaking in Lagos at the SUPERNEWS Artificial Intelligence Confab, Umaru Kwairanga, chairman of the Nigerian Exchange Group, emphasised the urgent need for the sector to embrace AI to improve operational efficiency and meet the demands of an evolving customer base.
Also read: NGX accelerates ETDs development in West Africa
“AI is not just a trend. It is the future,” said Umaru Kwairanga, chairman of the Nigerian Exchange Group, as he called on Nigeria’s financial industry to integrate artificial intelligence into its operations.
Held under the theme ‘The Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience’, the conference gathered stakeholders from across the financial ecosystem.
Kwairanga highlighted AI as one of the most transformative technologies of this era and argued that its adoption would make Nigeria’s financial sector more globally competitive.
While acknowledging that Nigeria’s financial services landscape is vibrant and active, he noted that significant challenges persist — including unreliable power supply, poor data infrastructure, and limited access to capital.
AI is not just a trend. It is the future.
According to him, these problems can be tackled through collaboration, policy support, and intelligent automation powered by AI.
“Much of this improvement can come through artificial intelligence, which offers practical and scalable solutions,” Kwairanga said.
Citing recent data from the National Bureau of Statistics, he pointed out that services remain the driving force behind Nigeria’s economy, with financial services playing a central role.
He urged stakeholders to focus on solving uniquely Nigerian problems through technological innovation rather than merely mimicking global trends.
“Let us address Nigeria’s unique issues — power, data, and capital — so our sector leads this next global business revolution.”
Also read: NGX rates Fidelity Bank highest on corporate governance
Kwairanga reaffirmed the NGX Group’s commitment to fostering innovation, market inclusion, and sustainable growth across Nigeria’s financial markets, expressing confidence that AI could transform how institutions serve millions of Nigerians and unlock new levels of value across the industry.
Peculiar Adirika is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
