‘AI globally reshaping financial landscape’

By Muhammad Aminu Ahmad Mr. Adedamola Ibikunle, fellow of the Artificial Intelligence Management and Finance Institute, has enumerated the power of Artificial Intelligence (AI) in the finance sector. According to to him, “Artificial Intelligence is globally reshaping the financial Landscape”. Ibikunle stated this during a paper presentation at the Artificial Intelligence Management and Financial Institute […]

By Muhammad Aminu Ahmad

Mr. Adedamola Ibikunle, fellow of the Artificial Intelligence Management and Finance Institute, has enumerated the power of Artificial Intelligence (AI) in the finance sector.

According to to him, “Artificial Intelligence is globally reshaping the financial Landscape”.

Ibikunle stated this during a paper presentation at the Artificial Intelligence Management and Financial Institute (AIMFIN) workshop held on Thursday in Abuja.

The presentation focused on the key benefits of AI in the private and public sectors which is said to offer enhanced efficiency, improved accuracy, and significant innovation with AI inclusion in programs such as Fraud detection, a Nigerian Fintech company reduced loan default rates by 30% using AI for credit decisions.Tax Compliance, Budget allocation, Risk Management with AI based analytics improved collection by 30%.

Using the Federal Inland Revenue Service as a case study, FIRS AI deployed pattern recognition algorithms. 35% tax evasion decrease through intelligent monitoring systems, Over 500,000 previously unregistered taxpayers discovered, and ₦1.2 trillion additional revenue collected in 2024 since the adoption of Artificial Intelligence.

Speaking further, Ibikunle highlighted the key limitations of AI to be Data Challenges, High Implementation cost, Privacy Concerns and Regulatory uncertainties. He however advocates for the maximization of AI in the public sector by Investing in comprehensive Al training for finance staff, Developing transparent Al governance policies, Upgrade legacy systems for Al compatibility and Implement robust cybersecurity measures.

“Artificial intelligence drives efficiency, reduces risk, and expands financial access globally. Continuous improvement and innovation are essential for AI’s evolution. The synergy between human intelligence and AI will shape the future of finance.” He said.