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CBN report reveals the top three ways Nigerian fintechs are using AI

Fraud detection is the most widespread use of AI among Nigerian fintechs
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Nigerian fintech companies are primarily using artificial intelligence for fraud detection, customer service, and credit scoring, according to a new report by the Central Bank of Nigeria (CBN).

The findings are presented in the CBN Fintech Report 2025, which is based on surveys, workshops, and roundtable sessions conducted with fintech operators and regulators across the country.

The report shows that AI adoption in Nigeria’s fintech sector is no longer experimental, but focused on solving immediate operational and risk-related challenges.

Fraud detection is the most widespread use of AI among Nigerian fintechs. The report says 87.5% of surveyed companies deploy AI tools to identify and prevent fraudulent transactions.

Fraud has been particularly difficult for finetchs and financial institutions in general, over the years. ₦17.6 billion ($11.2 million) was lost to fraud in 2023. Between 2023 and 2024, four out of the top five fraud cases happened to fintechs.

After fraud detection, the second major application is customer service automation. About 62.5% of fintechs use AI-powered chatbots and customer support tools to handle user complaints, transaction issues, and basic enquiries.

As fintech platforms scale to millions of users, automated support has become critical to maintaining response times without significantly increasing operating costs. This mirrors a wider trend across African fintechs, where AI chatbots are increasingly replacing first-line human support for routine issues.

Credit scoring and risk modelling rank as the third most common AI use case. The CBN report notes that 37.5% of surveyed fintechs apply AI to credit assessment and lending decisions.

This is particularly relevant in Nigeria, where a large share of the population lacks formal credit histories. This use of AI has also coincided with fintechs giving out more loans to the businesses they serve.

Victoria Fakiya – Senior Writer

Techpoint Digest

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Beyond current usage, the report highlights growing interest in deeper AI adoption. About 62.5% of fintechs surveyed said they are very interested in participating in an AI-focused regulatory sandbox, signalling demand for clearer rules and regulatory engagement around AI deployment.

Fintechs also identified regulatory clarity and access to technical talent as key constraints to scaling AI systems.

The CBN report situates Nigeria within a global trend where AI is becoming central to financial services.

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