The Shared Agent Network Expansion Facilities Limited, a Central Bank of Nigeria-backed initiative, has called for the adoption of Artificial Intelligence as a critical enabler to deepen financial inclusion and improve access to financial services for Nigeria’s unbanked and underbanked populations.
Speaking at the recent Payments Forum Nigeria held in Lagos, the Chief Executive Officer of SANEF, Uche Uzoebo, emphasised the transformative potential of AI in revolutionising financial services delivery.
The executive said AI could bridge long-standing gaps in financial access by enhancing efficiency, reducing fraud, and personalising banking experiences, particularly for underserved communities across Nigeria.
“It is no gainsaying that artificial intelligence is transforming the financial services industry at an unprecedented pace,” Uzoebo said. “It has become the invisible engine driving the modernisation of financial products and services.
“It is no longer a futuristic concept; it is at work right now all over the world, powering mobile banking apps, automating customer service, detecting fraud, and enabling instant lending decisions.”
Founded in 2019, SANEF was established to accelerate financial inclusion in Nigeria through a collaborative framework involving the Central Bank of Nigeria, Deposit Money Banks, Nigeria Inter-Bank Settlement System, and licensed Mobile Money Operators.
Since its inception, the organisation has deployed over 156,000 banking agents across the country, serving approximately 2.2 million beneficiaries by 2019.
Through its agent banking model, SANEF has made significant strides in extending financial services to rural and hard-to-reach areas. The model reduces the need for long queues at physical bank branches and eliminates the burden of travelling long distances for basic transactions.
In many communities, agents communicate in local languages, easing access for people with limited literacy and simplifying documentation requirements.
However, despite this progress, financial exclusion remains a challenge. As of 2024, Nigeria’s financial inclusion rate stood at 64 per cent, a notable rise from 46.3 per cent in 2010. Yet, an estimated 36.6 million Nigerians, particularly in northern regions, remain outside the formal financial system.
To accelerate inclusion, Uzoebo said integrating AI into the financial ecosystem can help streamline Know-Your-Customer processes, detect fraudulent activities in real-time, and tailor products to meet the unique needs of individuals.
She cited innovations like facial recognition used by some Nigerian digital banks as practical examples of how AI is already making an impact.
“AI presents a game-changing opportunity to enhance accessibility and improve the overall efficiency of the financial ecosystem,” she noted.
Uzoebo also stressed the importance of compliance with regulatory frameworks to ensure responsible AI deployment
