Nigerian Bank Compliance Chiefs Call for AI-Driven Risk Management to Tackle Financial Crime
The Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN) has advocated for the integration of artificial intelligence (AI) in risk management across the financial sector. This call was made during its 2025 Annual Stakeholders’ Conference in Lagos themed “Beyond Compliance: AI, Risk, and the Future of Financial Integrity.” Participants emphasized the urgent need to move past outdated compliance routines and embrace intelligent, technology-driven solutions to safeguard financial integrity.
ACCOBIN Chairman Adeboye Ogunmolade stated that AI technologies are reshaping the financial industry, transforming fraud detection, transaction monitoring, and data analytics. He noted that the future of compliance lies not just in meeting regulatory requirements but in using advanced technologies to proactively manage risks and uphold trust in the financial system. The association’s goal is to lead the shift from reactive compliance approaches to AI-enabled, predictive frameworks.
Officials from the Central Bank of Nigeria (CBN), including directors from its Banking Supervision, Consumer Protection, and Compliance departments, voiced strong support for the initiative. In a joint statement, they reaffirmed the CBN’s commitment to building a resilient, inclusive, and technologically advanced financial system. The CBN stressed the importance of ensuring AI is used ethically and transparently, with a focus on trust and accountability.
The Economic and Financial Crimes Commission (EFCC), represented by its Head of Investigations, Shehu Ala, echoed the need for urgent action. He highlighted the growing sophistication of financial crimes and the need for banks and regulators to match that with equally advanced digital tools. Ala called for tighter collaboration among all stakeholders to maintain economic integrity, with AI playing a critical role in future enforcement strategies.
Global consulting firms KPMG and Deloitte contributed by showcasing the benefits of AI-driven compliance solutions. Their presentations highlighted how AI improves fraud detection, enhances anti-money laundering systems, and strengthens cybersecurity frameworks. ACCOBIN concluded the event by stating that insights from the conference would be used to shape policy advocacy, improve industry best practices, and speed up innovation across Nigeria’s financial ecosystem.
Source: Punch