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FBNQuest Explains How Artificial Intelligence is Changing the World of Finance, Investing
Artificial Intelligence (AI) is a popular trend these days, but it seems so abstract that it is easy to assume only people savvy with technology should be concerned about it. This is far from the truth.
AI is expected to add $13 trillion to the global economy within the next decade. It is helping to make the world a faster and smarter place, so every savvy investor and wealth collector needs to pay attention to it. AI is not a passing trend that will one day become popular, rather it is at the centre of every leading industry in the world today.
American computer scientist, John McCarthy, who was also one of the founders of the discipline of artificial intelligence, defined AI as “the science and engineering of making intelligent machines, especially intelligent computer programs. It is related to the similar task of using computers to understand human intelligence.”
This means that the goal of AI is to create machines that think and act like humans and use human intelligence to solve problems and perform tasks that are ordinarily done by people but in a more efficient manner.
Machine learning is the most popular branch of AI at this time and it simply means the creation of systems that can learn from their experiences and data gathered without human intervention.
AI is already a part of our everyday lives. We use it when we check emails while shopping online and for ease of connection with our friends and family on social media. Google uses AI to predict what you want to search for online and finishes your sentences for you. Also, when you get directions to a venue with your digital maps, you are using AI.
It is therefore evident that, just as AI has changed our daily lives, it will also change how we do business, manage finances and invest wealth.
Investment expert and prominent member of the “Shark Tank” team, Mark Cuban, said, “As big as PCs were an impact, as big as the internet was, AI is just going to dwarf it. And if you don’t understand it, you’re going to fall behind. Particularly if you run a business.”
The financial world has evolved and developed smart solutions to keep up with the unique needs of consumers in the digital age. Here are few ways that AI has changed and is changing the world of finance and investing:
Fraud prevention
Technology is currently being used to spot credit card fraud and money laundering by monitoring large deposits and unusual activity. Money can be moved around very quickly online and this has caused an increase in fraud. AI-based systems can now analyse normal customer behaviour and quickly detect when something is out of the ordinary.
Data-driven investments
AI applications are used to regulate the supply, demand, and pricing of securities. They are also able to accurately predict stock performance by analyzing past data. Furthermore, AI systems can provide more personalized investment options by taking into account the investor’s goals, and previous financial habits.
Personal banking
Personal banking applications are also a product of AI and they are used to provide customized services to the consumer at the touch of a button. Customers no longer need to go to the physical bank branch to carry out routine tasks such as checking balance, requesting statements and monitoring account activity.
Increased accuracy in financial markets
AI is transforming the financial markets by ensuring increased accuracy in analysis, predictions and trading decisions. Smart advisers in the stock market can analyze a massive amount of data and carry out trades at a satisfactory price.
Also, National Association of Securities Dealers Automated Quotations (NASDAQ) is using artificial intelligence to detect irregular and potentially malicious trading activity on the U.S. stock market. In the area of forex, AI has brought massive improvement through predictive analytics programmes which identify market patterns and make fewer errors in processing data.
There’s no denying that AI has brought disruptions to the world of finance and investing. The landscape is changing rapidly and both financial organizations and their customers will need to adjust accordingly. However, it is safe to say that the improvements already brought on by AI have made this change something we can look forward to rather than dread.
The Federal Government has inaugurated the new Board of Directors of Galaxy Backbone Limited (GBB). The board’s mandate is to lead Nigeria’s digital transformation in Information and Communication Technology (ICT) infrastructure and services.
It will support Federal Government Ministries, Departments, and Agencies (MDAs) in a fast-changing landscape.
George Akume, Secretary to the Government of the Federation, led the inauguration. He emphasised the government’s commitment to making GBB more agile, responsive, and impactful. The aim is to drive national digital public infrastructure and service delivery. This was according to a statement by Segun Imohiosen, Director of Information and Public Relations.
The board has George Akume as Chairman. Its members include Rabi’a Adamu Waziri from the Petroleum Technology Development Fund (PTDF), Abubakar Abdulqadir Maje from the Joint Stock Association (JSA), Kemi Owonubi from the Ministry of Finance Incorporated (MOFI), and Margareth Ebute from the Ministry of Communications and Digital Economy.
Other members are Ibrahim Adeyanju, Olusegun, Olumbe Akinkugbe, Sanni Ibrahim Mohammed, and Adama Pindar from Galaxy Backbone Limited.
In his acceptance speech, Prof. Ibrahim Adepoju Adeyanju, Managing Director of Galaxy Backbone Limited, assured that the board will focus on sustainability. He said it plans to realign its vision and build a strong foundation for achieving strategic goals.
He also noted that within one year, the agency developed its Integrated Digital Transformation Strategy (IDTS). This strategy will run from 2025 to 2028.
Smart Treasure (ST Team) has honored the Deji of Akure, His Royal Highness Ọbá Aladetoyinbo Ogunlade Aladelusi, Odundun II, CFR, with a plaque of recognition for his dedication to the welfare of his subjects.
The presentation was made at the monarch’s palace in Akure by a delegation led by Instructor Luke Mbadugha from the Lagos Operations Center.
The visit was part of ongoing discussions on a partnership aimed at boosting agriculture in Akure, Ondo State.
The initiative, spearheaded by the ST Team, seeks to ensure the availability of farmland for agricultural purposes.
Under the arrangement, the ST Team will provide seedlings and manpower, while a significant portion of the proceeds will be distributed to the indigenes at no cost.
The remaining proceeds will support the administrative operations of the ST Team.
In his response, Ọbá Aladetoyinbo announced the allocation of a parcel of land at Ofosu, along the Ondo-Benin Road, for the project.
He described the initiative as a commendable effort to enhance food security for both the local community and the nation.
The monarch also called for a follow-up meeting to facilitate the assessment of the land for the project’s commencement.
Meanwhile, farming activities are set to resume at Aladodo Isikan in Akure South Local Government Area, another site designated for the agricultural project.
The four-acre land will be used to cultivate crops such as yam, cassava, plantain, and maize. A test run of maize planting began on April 9, 2025, with expectations of harvesting in three months.
Kabiesi Akinwunmi Adekanmbi Obey, the monarch of Olulero Okelero, Onitan Isikan, lauded the ST Team for their commitment to ensuring food availability.
He emphasized the importance of agriculture, stating, “Whoever brings food brings life.”
The ST Team, an investment platform dedicated to reducing poverty in Africa by 30% by 2027, has been actively involved in various Corporate Social Responsibility programs, including this agricultural initiative.
The project underscores their mission to create financial freedom and improve the quality of life for individuals across the continent.
Zinox Technologies Limited, a leading ICT solutions provider in West Africa, has engaged with the Tertiary Education Trust Fund (TETFUND) in Abuja, marking a significant step towards advancing innovation and sustainable energy solutions within Nigeria’s tertiary education landscape.
Dr. Leo Stan Ekeh, Zinox Chairman (left) and Arc. Sonny Echono, Executive Secretary, TETFUND (right) after the meeting
Under the theme “Advancing Innovation for a Sustainable Future,” the meeting aimed to establish a collaborative framework for technological transformation.
The Zinox delegation was led by Dr. Leo Stan Ekeh, its chairman, and included key members of the company’s executive management team.
On the TETFUND side, Arc. Sonny Echono, executive secretary, was joined by members of his top management team for the high-level discussions.
The highlight of the visit was the establishment of a strategic partnership between Zinox Technologies and TETFUND to provide renewable energy solutions to universities and polytechnics across Nigeria.
Additionally, Mrs. Kelechi Eze-Okonta, managing director, delivered a comprehensive, world-class presentation on the company’s diverse verticals and advanced ICT services, underscoring the need for intentional policy measures to support indigenous technologies for sustainable economic growth.
The TETFUND team expressed their appreciation for Zinox’s contributions to technology awareness, implementation, and adoption in Africa.
Arc. Sonny Echono, executive secretary of TETFUND, conveyed his deep appreciation for the visit by the Zinox team and commended Dr. Leo Stan Ekeh for his unwavering and impactful contributions to Nigeria’s digital transformation, stating that efforts are underway to establish a framework for effective energy solutions in tertiary institutions.
Highlighting Zinox Technologies’ expertise and proven track record, Arc. Echono expressed optimism about partnering with the company to develop scalable and efficient power solutions for academic institutions.
While both organizations remain committed to implementing innovative initiatives that enhance institutional capacity across the nation’s higher education sector, the visit marks a significant milestone in establishing a strategic partnership to equip Nigeria’s tertiary institutions with the essential technological infrastructure for a sustainable, digitally-driven future.
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