ACAMB Urges Adoption Of Ethical AI In Banking Sector

The Association of Corporate Affairs Managers of Banks (ACAMB) has emphasised the need for ethical artificial intelligence (AI) in the banking sector.

The Association made the call at its 2025 stakeholders’ conference held yesterday in Lagos with the theme, ‘AI and the Future of Trust: Reimagining Banking and Financial Services in a Digital First Era’.

President of ACAMB, Rasheed Bolarinwa, said the theme for the conference was timely and important.

Bolarinwa explained the current realities of technological transformations driven by AI and digital technologies were redefining customers’ expectations in banking and financial services.

“Our mission at ACAMB has always been to foster excellence in corporate communications and stakeholder engagement across the banking industry.

“This conference embodies that purpose by convening thought leaders, innovators, regulators, and practitioners to shape the future of our industry responsibly and sustainably,” he said.

He urged stakeholders at the event to challenge assumptions and collaborate toward building a financial ecosystem where trust is not just maintained but enhanced by technology.

President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olarenwaju, explained how technology drove revolutions that introduced speed and efficiency into banking operations.

Olarenwaju said, if trust and integrity were taken out of banking, it would be left with nothing, hence the need to prioritise these virtues to gain public confidence toward embracing AI.

He said that the post-industrial revolution, the second, third, and the fourth industrial revolutions were all powered by something called general-purpose technology.

The president, represented by the CIBN’s Registrar, Akin Morakinyo, urged the public to embrace the changes of AI so as not to be left behind and also to enjoy banking service efficiency.

Delivering a keynote, managing partner, Verraki Africa, Niyi Yusuf, said AI is not new while explaining the evolution of the technology from the 1950s era till date, transforming all sectors.

Yusuf, who is the chairman of the Nigerian Economic Summit Group (NESG), called for tailored financial services AI algorithms for Africa, instead of relying on methods developed for advanced economies.

He explained the challenges and risks of AI as well as the solutions architecture needed toward retaining customers’ trust to continuously embrace technology.

He said the banking industry was one of the first sectors to embrace and adopt AI, using it to drive efficiency, comfort, and speed.

He explained the use of AI for financial inclusion, fraud prevention, workforce transformation, and efficiency.

“The future of AI in banking is not just about automation or efficiency, it’s about trust, earning and maintaining customer confidence in a digital-first world,” he said.

ACAMB is a non-profit body established to foster interaction among Corporate, Marketing Communications/Public Relations Managers in the Banking sub-sector of Nigeria’s financial industry to project its positive image.