₦airaland Forum

Several leading Nigerian banks have launched AI-driven products and digital banking innovations, but the level of AI adoption and product maturity varies across institutions.

United Bank for Africa (UBA) plc is currently the undisputed leader among the tier-one Nigerian Banks in AI adoption, given its comprehensive integration of AI across retail and enterprise banking services. Smaller banks and microfinance institutions are also gradually adopting AI, often via third-party fintech and digital partners.

MoneyCentral ranked the five tier-one banks, considering the breadth and sophistication of AI products such as chatbots, predictive analytics, intelligent fraud detection, and personalized digital banking.

After scouring the information available in the banks Full Year 2024 Annual Reports and Results Presentation, MoneyCentral created a model to rank the five banks—United Bank for Africa (UBA), Access Holdings, FirstHoldCo, Zenith Bank, and Guaranty Trust Holding Company (GTCO)—in terms of their AI adoption.

UBA came out tops by far.

The model was based on the following key criteria derived from the FY 2024 and result presentation documents:

Demonstrated Implementation: Evidence of live, customer-facing AI products. This is the most heavily weighted factor as it shows concrete application versus future plans.

Strategic Integration: The extent to which AI is mentioned in FY 2024 documents as a core part of future strategy, operational efficiency, and customer experience enhancement.

Specific Use Cases: Mention of specific applications like AI-powered credit scoring, chatbots, or process automation.
Board/Leadership Focus: Indication that AI is a point of focus at the board and senior leadership level, including identified risks and governance.

Based on this model MoneyCentral’s ranking from first to fifth of Nigerian Banks AI adoption is presented below:

[b]United Bank for Africa (UBA)
[/b]Rationale: UBA ranks first due to its proven track record of implementing a large-scale, customer-facing AI solution.

Demonstrated Implementation: UBA is the only bank to have a named, operational AI product with documented user numbers. It pioneered an AI Banking Chatbot in Africa, Leo, in 2018, which now serves over 5 million users.

Strategic Integration: The CEO’s statement explicitly identifies leveraging AI and advanced analytics as a key priority for enhancing customer experience and operational efficiency in 2025.

Leadership Focus: UBA’s leadership acknowledges that transformative technologies like AI shaped the 2024 economic environment and credits strategic investments in this area for turning uncertainties into opportunities.

Security: The Bank overhauled its Security Operations to provide the right level of 24/7 visibility into threats that may occur both within and outside the network of the Bank and strategically invested in state-of-the-art security technologies that have Artificial Intelligence (AI) and Robotics Automation(RA) capabilities embedded.

[b]Access Holdings Plc
[/b]Rationale: Access Holdings ranks second because it provides specific details on how AI is integrated into its core business operations, particularly in a high-stakes area like lending, and has established board-level governance.

Specific Use Cases: Its digital lending subsidiary, Oxygen X Finance, uses AI-powered credit scoring models that leverage alternative data. This is a sophisticated and direct application of AI in its business model.

Board/Leadership Focus: The Access Holdings Plc Board explicitly lists “Artificial Intelligence and Automation” as a material governance issue. Furthermore, the Executive Director for IT and Digitalisation, Mr. Olanrewaju Bamisebi, is highlighted as a “pioneer advocate for Generative AI for Good” committed to leveraging AI for business growth.

Strategic Integration: For 2025, the bank plans to use AI-driven automation to enhance efficiency and optimize risk management.

[b]FirstHoldCo Plc
[/b]Rationale: FirstHoldCo ranks third due to its explicit mention of using AI for current customer experience enhancements and its identification of both the opportunities and significant risks associated with AI.

Demonstrated Implementation: The bank has integrated AI-driven insights and Gen AI through its FirstCustomer platform to enhance customer engagement. This is cited as a reason for winning the “Best Use of Technology for Customer Experience (DXC) Overall” award.

Risk Identification: FirstHoldCo identifies risks associated with AI and Machine Learning (ML), including model bias and data quality, which could lead to inaccurate credit decisions. It also recognizes AI-enabled cyberattacks as a major threat. This indicates a mature level of engagement with the technology.

Strategic Integration: The bank plans to leverage “advanced artificial intelligence” to drive personalized customer experiences in 2025.

[b]Zenith Bank
[/b]Rationale: Zenith Bank is focused on adopting AI as part of its future strategy but provides less detail on current, specific implementations compared to the top-ranked banks.

Strategic Integration: The bank’s strategy involves adopting AI to enhance customer service by integrating AI and machine learning into its existing systems.

Future-Focused Plans: The goal is to automate processes, reduce turnaround time, and improve service delivery through the use of AI-powered tools to optimize the customer experience.

Guaranty Trust Holding Company (GTCO)
[/b]Rationale: GTCO ranks fifth as its mentions of AI are the most general among the five banks. While AI is part of its strategic vision, it lacks specific details about current or planned applications.

Strategic Integration: AI is mentioned as a key technology for strengthening its core banking franchise and upgrading its technology infrastructure.

General Use Cases: The bank plans on “integrating AI-driven solutions” to create seamless customer transactions and will leverage “innovation, AI, and other emerging technologies” to enhance its digital channels. These statements are high-level and lack the specificity detailed by other banks.

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[b]Why Artificial Intelligence is vital to the future of banking


Artificial Intelligence (AI) is vital to the future of banking because it fundamentally transforms how banks operate, engage customers, and manage risks, driving efficiency, innovation, and competitiveness.

Key Features of Top Ranked UBA’s AI Products:

LEO Chatbot:
Africa’s first AI-powered chatbot to facilitate cross-border payments across African countries.

Integrated with the Pan-African Payment and Settlement System (PAPSS), enabling instant fund transfers in local currencies between countries where PAPSS is supported.

Available on self-service channels such as Facebook Messenger, WhatsApp, and Apple Business Chat, allowing easy, instant banking transactions like payments, money transfers, airtime top-ups, and utility bill payments.

Offers lower transaction fees and zero charges for beneficiaries.

Supports enhanced security, confidentiality, and a broad array of remittance products.

tegini:
Ai has come to give most of this banking personnel unemployment, na wa , the dark side of ai

blessedchild234:
Shareholders here will be eating soon as all this innovative permutations would yield many greens in the nearest future. Buy UBA stocks today.

Amwitty:
How can AI help in commercial banking?
Cause you still need to interface with clients.

Amwitty:
How can AI help in commercial banking?
Cause you still need to interface with clients.