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East Africa Frontline News

NextFrontier Africa is a media platform spotlighting Africa’s emerging opportunities in technology, tourism, aviation, agriculture, health, logistics, real estate, trade, education, and e-commerce.

September 12.2025

2 Minutes Read

How Financial Services Firms Are Transforming Nigeria's AI Adoption Strategy

Close-up of hands using a point-of-sale terminal in Nigeria

The AI Revolution in Nigeria's Financial Sector

Nigeria is rapidly emerging as a leader in artificial intelligence (AI) adoption, particularly in the financial services sector. A new survey by global technology firm Zoho reveals that over 90% of Nigerian companies have started employing AI technologies, with financial firms accounting for a significant portion of this trend. This is not merely an experiment; more than half of the respondents have moved AI solutions into operational phases, highlighting a significant shift towards automated processes.

Key Implementations Driving Change

According to the survey, some of the most common applications of AI among financial institutions include customer service automation, software development, and marketing optimization. Specifically, 49% of companies are using AI for customer interactions, while 46% are leveraging it for enhancing software solutions. This paints a picture of a sector that is eager to innovate and streamline operations to better meet customer needs.

Challenges Facing Wider AI Adoption

Despite the enthusiasm for AI, hurdles remain. The survey found that 37% of respondents identified a lack of technical expertise as the primary barrier to implementation, followed closely by privacy concerns, which troubled 35% of participants. As firms strive for advancement, they are prioritizing essential skills such as data analysis and AI literacy to overcome these challenges.

Lessons from Nigeria for Emerging Markets

Kehinde Ogundare, Zoho's Country Head for Nigeria, emphasizes the need for a balanced approach in adopting technology. He notes that while embracing AI, it is crucial to enhance literacy and infrastructure to positively impact the market. With Nigeria's new Data Protection Act fostering a culture of regulatory compliance, there is potential for Nigerian practices to serve as a blueprint for AI policy in other emerging markets.

Looking Ahead: The Future of AI in Commerce

As Nigerian firms continue to integrate AI, the future of trade, commerce, and e-commerce looks brighter. With enhanced AI capabilities, businesses can expect more efficient operations and improved customer engagement, which are essential for staying competitive in the burgeoning digital economy. The intersection of AI and commerce will not only facilitate cross-border trade but also align with the objectives of the African Continental Free Trade Area (AfCFTA), promoting regional trade and economic growth.

For exporters and importers looking to capitalize on these trends, staying informed about technological advancements will be key to navigating the evolving landscape of commerce in Nigeria and beyond.

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How Financial Services Firms Are Transforming Nigeria's AI Adoption Strategy

The AI Revolution in Nigeria's Financial Sector

Key Implementations Driving Change

Challenges Facing Wider AI Adoption

Lessons from Nigeria for Emerging Markets

Looking Ahead: The Future of AI in Commerce

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