Grounding the AI Conversation in Reality

The global debate around artificial intelligence (AI) often centers on existential risks, with industry leaders warning of potential dangers. But in Nigeria’s fintech space, the focus is firmly on practical applications - how AI can improve loan approvals, detect fraud, and reach underserved customers.

This perspective was evident at Nigeria Fintech Week 2026 during a panel titled “Artificial Intelligence at Work.” Panelists Oluwarotimi Fasuyi (VFD Technologies), Adetokunbo Awoyinika (CBI Technologies), and Olufisayo Oludare (Advansio) emphasized the need to move beyond abstract concerns and address tangible challenges.

The Trust Dilemma

Moderator David Afolayan highlighted a critical issue: our willingness to trust AI-generated outputs. While most attendees admitted using generative AI tools, fewer routinely verify their accuracy - a phenomenon he termed “cognitive surrender.” This gap between speed of delivery and factual certainty remains a key challenge as fintechs integrate AI into decision-making processes.

Data Quality Concerns

The panelists underscored that AI’s effectiveness hinges on data quality. As Fasuyi noted, organizations should invest in secure, flexible infrastructure capable of handling large datasets while adding business value. With Nigerian fintechs increasingly relying on AI for credit scoring (37.5% usage) and fraud detection (87.5%), ensuring access to reliable data has become paramount.

Oludare cautioned against adopting AI for mere appearances, suggesting a practical test: “Does it cut losses, make staff more productive, or bring in new customers?” He argued that clear ROI should guide all AI investments.

Expanding Access to Credit

The conversation extended to AI’s potential to transform lending. Awoyinika suggested that AI can evaluate a broader range of factors beyond traditional credit scores, potentially extending access to finance for those with limited or imperfect records - like a trader in Agege seeking capital despite past defaults.

As Nigeria’s digital payments ecosystem matures, fintechs are finding concrete applications for AI that address real-world needs and offer tangible benefits. The focus has shifted from hypothetical risks to practical outcomes, demonstrating how AI can strengthen financial infrastructure and expand economic opportunities.