Lagos, Nigeria – Nigeria’s fintech sector, which stands as Africa’s largest hub with over 430 companies, has received a new practical guide to incorporate artificial intelligence (AI) into their operations. This strategic move is aimed at enhancing efficiency and driving growth amid fierce competition in the industry.
The report titled ‘Unlocking the Power of AI in Nigeria’s Fintech Sector’ was released by Remita, a well-established payment solutions provider now deeply invested in AI applications. According to DeRemi Atanda, Remita’s Managing Director, “For years, fintech in Nigeria has been defined by bold ambition and relentless execution, but the next phase of development requires more strategic intelligence, and AI is one of the keys to unlocking what more represents.”
The report highlights the significant impact of AI on customer experiences, showcasing a 40 percent increase in customer satisfaction alongside a 50 percent improvement in integration speeds. This presents a clear pathway for firms aiming to remain competitive and expand their customer base.
Atanda emphasized the importance of leveraging technological advancements for future success, stating, “The leaders of tomorrow will be those who understand how to leverage the capabilities that new technologies like AI bring to the fore.” As the digital economy continues to evolve, businesses must focus less on whether to adopt AI and more on how to implement it effectively.
Okpagu, Remita’s chief AI officer, echoed this sentiment, stating that it’s crucial for businesses to weave AI into their core operations to avoid becoming obsolete. “AI should be a force multiplier, not a sideline,” Okpagu remarked, urging companies to utilize AI for enhanced security and operational scaling. Evidence of its impact is clear at Remita, where AI implementation has led to a 19 percent reduction in customer inquiries.
Furthermore, the guide addresses the importance of strategy, regulatory compliance, and workforce preparation when integrating AI into fintech operations. Okpagu also highlighted the significance of ethical considerations, asserting that “It’s about careful, responsible steps,” underscoring a commitment to integrity in technological advancement.
As Nigeria commands a significant share of Africa’s startup funding, integrating AI effectively will solidify its position as the continent’s fintech leader. Businesses that approach AI incorporation diligently are set to thrive in this rapidly digital-first economy.
