Why Nigeria’s Banking, Telecom, Other Sectors Embrace AI for Service Delivery – Expert
The Chief Information Officer of the Nigeria Stock Exchange (NGX), Afeez Ramoni, has revealed why various sectors in Nigeria, including banking, telecommunications, and legal, are increasingly relying on artificial intelligence (AI) virtual assistants for service delivery.
Speaking during the July edition of the Nairametrics webinar themed “How to Make Money Using AI: Value Creation for Businesses, Entrepreneurs, and Government,” Ramoni highlighted the transformative impact of AI on these industries.
Ramoni explained that AI has revolutionized Nigeria’s banking industry with the introduction of virtual assistants like Leo and Ziva.
He noted that these AI-powered chatbots enable efficient customer interactions, solving problems and enhancing service delivery.
“In 2019, one of the banks in Nigeria released a virtual assistant called Leo. And today, one can chat with that virtual assistant. That is an implementation of AI that provides solutions to problems,” Ramoni said.
He added that Ziva, another AI-powered chatbot by a different bank, further exemplifies the integration of AI in banking.
The legal sector in Nigeria has also seen significant advancements through AI, with tools like Timi from Law Pavilion aiding lawyers in legal research, opinion reviews, litigation, and drafting.
Read Also:
“With a tool like Timi, they can access law reports and other civil procedures. In fact, Nigerians can get legal procedures from such AI platforms,” Ramoni remarked.
In telecommunications, MTN’s AI-powered virtual assistant, Zigi, has similarly transformed customer interactions.
According to Ramoni, virtual assistants are the most common AI resources used by Nigerian companies across various sectors.
Ramoni also discussed AI’s integration into Nigeria’s transportation sector, highlighting tools like Lara.ng that predict traffic jams, determine transportation costs, and assess road conditions.
These innovations provide necessary solutions and opportunities for many Nigerians, despite the country’s economic challenges.
“Nigerians are really rising to the opportunities. Because as many as the challenges we have in Nigeria, so also are the opportunities,” he stated.
Moreover, Ramoni emphasized the role of AI in driving investment opportunities in Nigeria’s capital market.
He mentioned that the Securities Exchange Commission (SEC), the regulatory body for the capital market, has formed a committee to explore AI-powered technologies for investment analysis and ensure seamless investor onboarding.
“This has led to the inauguration of a committee that now looks into data implementation, privacy, and investment opportunities through the use of AI,” Ramoni concluded.
, Afeez Ramoni, has revealed why various sectors in Nigeria, including){kind=link}