As algorithms shape financial inclusion, accountability must keep pace
- AI is being used in Nigeria's fintech sector to influence credit access and fraud detection.
- Formal financial inclusion in Nigeria rose to 64% in 2023, up from 54% in 2020.
- AI systems process applications faster and reduce operational costs, expanding access to financial services.
The rapid adoption of AI in Nigeria's financial services presents both opportunities and challenges. While it can enhance efficiency and access, the lack of accountability and transparency in algorithmic decision-making poses significant risks to consumers. It is crucial for policymakers to act swiftly to create a regulatory framework that ensures companies remain accountable for the outcomes of their automated systems.
