Industry stakeholders have identified Artificial Intelligence (AI) as a transformative tool capable of widening access to financial services by making credit assessments faster, smarter and more tailored to individual needs.
The experts shared their views during the Development Bank of Nigeria (DBN) Techpreneur Summit held in Lagos under the theme, “Innovate to Capital.”
Speaking at the event, Odunayo Eweniyi, Co-founder and Chief Operating Officer of PiggyVest, said AI would continue to support innovation provided it is used responsibly and powered by reliable data.
According to her, AI systems are largely shaped by the information and human decisions used in their development, making data quality and ethical considerations critical.
“AI reflects the quality of the people and data behind it. Technology amplifies whatever it is trained on.
“If bias exists in human decision-making and that bias is embedded into an AI system, the technology will replicate and even scale those biases,” she explained.
Eweniyi stressed that responsible AI deployment must be guided by strong ethical standards and organisational values.
She also advocated mechanisms that allow individuals to challenge decisions made through AI-powered platforms.
“People should have the opportunity to question and appeal decisions that affect them, including credit assessments generated by AI systems.
“Human oversight remains important, and there should always be a pathway for review and reconsideration,” she said.
Also speaking, Chief Product Officer of Credit Direct Limited, Mr. Nifemi Oluboyede, noted that AI is helping financial institutions improve both the speed and accuracy of credit evaluation processes.
He explained that lenders can now analyse multiple data points simultaneously and deliver financial products that better suit individual customers.
Oluboyede maintained that AI is not replacing human judgment but rather enhancing existing credit assessment frameworks.
“What AI has done is significantly accelerate the process while still preserving the human element.
“Ultimately, human review remains necessary in making critical financial decisions,” he said.
Earlier, DBN Executive Director for Finance and Corporate Services, Mrs. Ijeoma Ozulumba, highlighted the importance of technology-driven Micro, Small and Medium Enterprises (MSMEs) to Nigeria’s economic development.
She observed that the country’s technology sector continues to experience strong growth, particularly in financial technology, climate-focused solutions and innovation-led enterprises.
Ozulumba emphasised that fostering innovation and improving access to finance for entrepreneurs remain essential for sustainable economic expansion, job creation and the long-term growth of Nigeria’s digital economy.