ACAMB: Banking Experts Push for Ethical AI to Build Trust in Digital Finance
As artificial intelligence continues to revolutionise the financial services landscape, banking and technology leaders are urging a critical rethink of how trust, ethics, and customer confidence are embedded into AI systems. That was the resounding message from the 4th Stakeholders’ Conference of the Association of Corporate Affairs Managers of Banks (ACAMB), held in Lagos last week.
Themed “AI and the Future of Trust: Reimagining Banking and Financial Services in a Digital First Era,” the 2025 conference brought together industry veterans, tech experts, regulators, and communications professionals to chart a responsible AI-driven future for the Nigerian banking sector.
“The future of AI in banking isn’t just about automation—it’s about trust,” said Niyi Yusuf, Managing Partner at Verraki Africa and Chairman of the Nigerian Economic Summit Group (NESG). “We must ensure our algorithms speak to the realities of African consumers, not just replicate solutions from advanced markets.”
From Efficiency to Ethics: AI’s Double-Edged Sword
Speakers at the event agreed that AI has significantly improved banking speed, cost-efficiency, fraud detection, and customer engagement. However, they also warned that the rapid adoption of AI—without ethical safeguards—could erode public confidence and expose institutions to reputational and systemic risks.
“If you take trust and integrity out of banking, you’re left with nothing,” warned Prof. Pius Olarenwaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), represented by Registrar Akin Morakinyo.
AI’s power as a general-purpose technology—driving everything from chatbot interactions to loan scoring algorithms and cybersecurity—was acknowledged. But the challenge, speakers noted, lies in designing governance frameworks that protect data privacy, ensure transparency, and eliminate algorithmic bias.
Key Themes from ACAMB 2024
1. Ethical AI as a Strategic Imperative
ACAMB President Rasheed Bolarinwa emphasised the need for proactive engagement between banks, tech developers, and regulators to ensure AI becomes a force for inclusion rather than exclusion.
“Our mission is to foster responsible innovation that enhances stakeholder trust, not undermines it,” he said.
2. Human-in-the-Loop Design
Panelists and keynote speakers advocated for “human-in-the-loop” AI design—systems where automated decision-making is always reviewable and adjustable by human operators, particularly in high-impact areas like credit decisions, fraud alerts, and customer complaints.
3. Locally Relevant AI Models
Yusuf urged banks and fintechs to develop AI models trained on local datasets, warning that importing tools built for different socio-economic contexts can yield misleading results and even deepen financial exclusion.
4. Data Privacy and Cybersecurity
Trust hinges on protecting sensitive customer data, and speakers like Dr. Harrison Nnaji, Chief Information Security Officer at First Bank of Nigeria, called for stronger data governance protocols and cross-sector cybersecurity collaboration.
Panel Insights: Balancing Innovation with Responsibility
The expert panel—which included Dele Adeyinka (Chief Digital Officer, Polaris Bank), Yonodu Okeugo (GM, Business Banking & Partnerships, VFD Microfinance Bank), and Dr. Nnaji—provided actionable insights on building consumer-centric AI in the banking sector. Their recommendations include:
- Enhanced transparency in algorithmic decisions
- Real-time customer feedback loops
- Clear opt-in policies for AI-driven services
- Cross-sector public education campaigns
- Risk mitigation frameworks for emerging tech
Banking in a Digital-First World
As banking shifts further into the digital-first era, AI is no longer optional—it’s foundational. But according to industry leaders, the speed of adoption must be matched by the depth of responsibility.
“In this era of rapid digital transformation, trust must evolve as a measurable product of every innovation,” said Bolarinwa. “AI will not replace banks. But banks that don’t integrate ethical AI may be replaced.”
Bottom Line
The Nigerian banking industry is embracing artificial intelligence not just as a tool for efficiency, but as a catalyst for financial inclusion, fraud prevention, and customer experience transformation. But for these gains to be sustainable, trust must be coded into the core of every innovation.
In the future of digital finance, ethics is not a luxury—it’s a competitive advantage.
