Nigerian banks, regulators urged to embrace AI in fight against financial crimes

A UK-based information and communications technology (ICT) and financial crimes expert, Adepeju Deborah Bello, has called on Nigerian banks and key financial regulators, including the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS), to accelerate the adoption of artificial intelligence (AI) in combating fraud and other financial crimes. Bello, a graduate […]

A UK-based information and communications technology (ICT) and financial crimes expert, Adepeju Deborah Bello, has called on Nigerian banks and key financial regulators, including the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS), to accelerate the adoption of artificial intelligence (AI) in combating fraud and other financial crimes.

Bello, a graduate of IT Security from Nottingham Trent University who currently works as a Fraud Analyst at a UK bank, made the call while drawing from her professional experience spanning Nigeria’s financial sector and her current role within the UK’s advanced financial crime prevention ecosystem.

She noted that as Nigeria’s banking system becomes increasingly digitised, fraudsters are also leveraging technology to perpetrate more sophisticated and coordinated attacks.

According to Bello, traditional rule-based and manual fraud detection methods are no longer sufficient to address modern threats such as real-time payment fraud, identity theft, account takeover, social engineering scams, and mule networks.

She explained that AI and machine learning technologies enable financial institutions to analyse large volumes of transactional, behavioural, and device data in real time, allowing for faster and more accurate detection of suspicious activities.
“In the UK, AI-driven fraud detection is deeply embedded within banking operations and regulatory expectations,” Bello said. “From my experience working in Nigeria and now in the UK, the gap is not a lack of intent, but the pace of adoption and integration of advanced technologies.

Nigerian banks and regulators must act decisively to stay ahead of increasingly organised financial criminals.”

She emphasised the strategic role of regulators such as the CBN and NIBSS in driving sector-wide innovation.

Bello noted that by providing clear regulatory guidance, shared infrastructure, and data collaboration frameworks, regulators can enable banks to deploy AI responsibly while maintaining consumer protection and financial stability.
Bello also highlighted the importance of leveraging platforms like NIBSS to support intelligence sharing and ecosystem-wide fraud analytics.

According to her, centralised and anonymised data insights can significantly enhance the effectiveness of AI models by identifying cross-bank fraud patterns that may not be visible within a single institution.

While advocating for AI adoption, Bello stressed that technology alone is not a silver bullet.

She called for parallel investments in skilled talent, data quality, cybersecurity, and strong governance structures to ensure that AI systems are transparent, ethical, and aligned with regulatory requirements.

“AI must be implemented with accountability,” she said. “Banks need the right expertise, and regulators must ensure that innovation is balanced with fairness, explainability, and customer trust.”

She further urged Nigerian financial institutions to learn from global best practices while developing solutions tailored to local risk typologies and customer behaviours.

According to Bello, combining international experience with local knowledge would help Nigeria build a resilient, future-ready financial crime prevention framework.

“As fraud evolves, our response must evolve faster,” she said. “AI gives Nigerian banks and regulators a powerful opportunity to protect customers, safeguard the financial system, and stay one step ahead of criminals.”