Finance is one of many fields being reshaped by Artificial Intelligence. This technology is helping to detect fraud, automate customer service delivery, and suggest investment opportunities based on individual risk profiles. If you’re a finance enthusiast, you may want to know how AI tools are changing the way we bank.
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This article provides a few examples of this. Nigerians are gradually adopting the more popular AI tools for a variety of uses, including in finance. For example, some people ask ChatGPT for summaries of metrics relevant to local banking (such as loan interest rates). But there are applications that are built for specific use in finance. We’ll talk about them here:
Chatbots: UBA’s Leo
UBA’s Leo
Chatbots have become a mainstay of online banking in Nigeria. Many first-tier banks have built these chatbots to attend to customer queries of various kinds. They are often accessible on messaging platforms like WhatsApp or social media sites such as Facebook.
Leo, a chatbot created by UBA, was one of the earliest of its kind in the country’s financial services sector. It runs on Meta platforms and can help users create a UBA bank account, send money, lodge complaints, pay bills, view account statements, generate cash-out tokens, and more.
All of this means that you can get support for carrying out basic banking transactions without even engaging an actual human. And this service is available all day, every day.
Infrastructure: Curacel
Curacel
Curacel’s AI-powered systems help FinTechs, banks, and insurance companies to track fraud, waste, and abuse. It streamlines claims processing, assists credit and logistics providers with expanding their reach and client base, and speeds up auto insurance, among other functions.
Health insurance has been a mainstay of Curacel for a long time. The team at Curacel says that their AI solution enables health insurers to process ten times more data than regular platforms, and at a speed that’s 80% quicker.
Curacel offers one of the most robust Nigeria-made financial fraud detection systems in the country. Thanks to its deployment by several local insurers, fraud within the industry has been curtailed.
Fraud Reduction: Dyna.AI
Dyna.AI
Dyna.Ai is an AI-powered digitisation and intelligence derivation tool. It’s particularly favoured for its usefulness in generating insights from financial data. The information that it delivers may prove useful for things like fraud detection, especially when anomalous patterns in data indicate it.
Dana.Ai has recently made a push for the Nigerian market, collaborating with FinTechs to facilitate AI-supported fixes to digital payment issues.
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Final Words
The examples we have given here highlight how AI tools are changing the way we bank. We can be certain that the extent of AI’s reach across the financial sector will only grow as time progresses.
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This article was first published on 11th June 2025 Notice: Undefined variable: last_modified in /var/www/html/articles/wp-content/themes/cnhalptem/content-single.php on line 36
Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.
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