The Managing Director of First Bank of Nigeria Limited, Olusegun Alebiosu, has said artificial intelligence (AI) will provide more efficiency and opportunities than threats to the banking sector, provided its associated risks are properly managed.
Alebiosu stated this on the sidelines of the 19th Chartered Institute of Bankers of Nigeria Annual Banking and Finance Conference in Abuja, where he highlighted the growing role of technology in banking operations and financial security.
He noted that while AI had heightened cyber risks and shifted financial crime online, it also significantly accelerated data gathering and improved operational efficiency.
According to him, FirstBank currently invests more than ₦6 billion annually in cybersecurity, deploying 24-hour command centre surveillance and countermeasures to take down millions of threats every month as its business operations expand.
Addressing challenges in the banking sector, Alebiosu said expanding credit to Micro, Small and Medium Enterprises (MSMEs) required stronger legal frameworks and greater trust within the business environment.
He stressed that robust judicial backing and government investment in contract enforcement were essential to protecting lenders against fraud and building a resilient financial ecosystem.
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The FirstBank MD said stronger legal and institutional support would help create the confidence needed for banks to extend more credit to businesses and productive sectors of the economy.
He added that effective management of AI-related risks, alongside improvements in the business environment, would be critical to ensuring that technological advancement translated into broader economic opportunities.
