Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

General News

How AI is transforming the financial services industry

Published

on

Kindly share this post

By Ibrahim Youssry – Regional General Manager, North, West, East, Central Africa, Levant & Pakistan, Microsoft

 

Digital transformation is remaking the world around us, and artificial intelligence (AI) is a frontrunner. No industry will be left untouched by this digital journey, but one sector that is seeing the fastest and most fundamental effects is the financial services industry (FSI).

 

FSI players are geared to be dramatically disrupted by the power of AI – both internally (in the ways they operate) and externally (in terms of dealing with clients and customers).

 

A 2018 report from the World Economic Forum (WEF) on The New Physics of Financial Services unpacks this phenomenon at length, but one high-level take-away is that the AI changes here cannot be overstated. The long-term impacts of AI are radical and transformative, putting the FSI ecosystem into a period of reorganisation.

 

Competition from the underdogs

FSI has traditionally been dominated by large and established corporations, often with extensive heritage and market dominance. Through this, many FSI companies have enjoyed relatively low competition for customers, and have been slow to innovate and change ‘with the times’. Enter the leveling power of the cloud, accessible analytics and machine learning, and we see how a scrappy, determined fintech startup can disrupt a whole market or sector.

 

Many of these startups offer alternatives for banking, payments, transfers, payroll, credit, and other financial services. These digital-first businesses are highly agile, and are creating a whole new customer base that was underserved by established FSI companies – putting the pressure on older firms.

 

As a result, many FSIs have started embracing cloud technology and artificial intelligence (AI) to improve their own agility, their array of service offerings, and their customer experiences. Recent studies suggest that approximately 40 percent of African banking customers prefer to use digital channels for transactions over branch channels.

 

Added competition is good for the entire industry, and customers will benefit from new and improved technologies that change the way the industry interacts with them and meets their expectations.

 

AI at the core of digital transformation

But just what form do these advances take? AI lies at the heart of things like chatbots, advanced customer credit assessment, relationship management, security, anti-money laundering and fraud detection.

 

Chatbots draw from big data and machine learning to respond to customer queries and concerns. They can streamline customer support on routine services like banking transactions, and make product recommendations. This is customer-facing AI that helps FSI companies be ever-present for their clients, while reducing the resources required to do so.

 

For fraud detection, AI-powered technology enables computers to mimic, extend and amplify the thought process of a human analyst, at a pace and scale unmatched by humans. It can review trillions of transactions in every possible portfolio in the organisation. Because of this, banks, fintechs and payment facilitators are able to detect or be alerted to potential fraud – receiving fast, efficient and accurate alerts of the likelihood of an individual’s card or account being compromised, for example.

 

Foresight beats hindsight

AI and analytics can draw inference from vast stores of data and spot trends that are often beyond the possible scope of human sight, driving insight to analysts, investors and the like. AI is also able to evaluate an organisation’s public remarks and documents, bundle that up with sentiment analysis, and cross-correlate this with historical data to predict the performance of upcoming stocks, in literal split seconds.

 

These functions provide agility and resilience in an increasingly risky global market. In short, they inject a new level of intelligence into our organisations. Pairing this with our unique human capabilities of relationship management and creativity, and we unlock huge potential for our FSI companies.

 

Safe as houses, and more democratic

Through Microsoft’s security solutions (in which we have invested more than $1 billion year-on-year), we are working with FSI organisations to improve their security standards globally. Solutions such as the Customer Lockbox for Microsoft Azure, for example, assists customers with controlling and auditing support engineers’ access to compute workloads on Azure that may contain data while resolving the support issue.

 

These solutions have a proven success record, evidenced by our work with Interswitch, a payments and fintech innovator in Africa. Through partnering with large banks and corporates in Nigeria, Interswitch has been able to build a bank-guarantee service on Azure that extends the reach of banking systems to non-traditional players, corporate suppliers and borrowers – allowing them to manage their supply chain financing under objective terms and transparency.

 

Within the next decade, Africa’s objective is to ensure that the next 100 million Africans are financially included. AI has the potential to achieve this. As AI adoption increases, we’re constantly thinking about how we can help institutions make the transition to modern innovations, while still taking advantage of legacy investments.

 

 

 


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

FBI Sends Team to Nigeria to Track Down ‘Sextortion’ Scammers

Published

on

Kindly share this post

Sextortion scams have become so widespread that the Federal Bureau of Investigation (FBI) is sending agents to Nigeria to help track down the perpetrators.

FBI Sends Team to Nigeria to Track Down 'Sextortion' Scammers

The agency’s “Operation Artemis” has led to the arrest of 22 Nigerians, half of whom are “directly linked” to sextortion incidents in which victims died by suicide.

Sextortion scams often begin on social media, where perpetrators pose as attractive young women to lure victims—typically unsuspecting teenage boys—into sending nude photos or explicit videos.

Once the images are obtained, the scammers turn to blackmail, threatening to leak the content unless the victim pays up.

In some cases, the sextortion results in teenage victims taking their own lives over fear of the nudes leaking.

In Thursday’s announcement, the FBI noted it’s been “observing a significant increase over the last three years in financially motivated sextortion schemes targeting young males ages 14-17, resulting in more than 20 minor victims dying by suicide.”

The agency is also facing a 30% year-over-year increase in sextortion-related tips.

“According to the FBI’s Internet Crime Complaint Center or IC3, there were over 54,000 [extortion-related] victims in 2024, up from 34,000 in 2023,” it said.

“Over the last two years there have been nearly $65 million dollars in financial losses due to this crime.”

In response, the FBI says 55 agency field offices came together to identify “nearly 3,000 victims of financially motivated sextortion,” which led investigators to track down the culprits in Nigeria.

The US has since extradited at least three suspects from Nigeria.

“These subjects will now be held accountable in the American justice system, with more subjects still awaiting extraditions in Nigeria,” the FBI added.

 

 

 

 


Kindly share this post
Continue Reading

General News

FBNQuest Trustees Hosts Estate Planning Summit in Port Harcourt

Published

on

L-r: Head, Private Trust, FBNQuest Trustees, Rotimi Obende; Group Head, Wealth Management and Investment Advisory, FirstBank Nigeria – Private Banking, Dike Nze-Dike,; Head, Marketing and Business Development, FBNQuest Trustees, Abimbola Ajinibi; Acting Managing Director, FBNQuest Trustees, Babajide Fetuga; Private Trust Specialist, FBNQuest Trustees, Mutiat Olatunji and Head, Trust Investment and Strategy, FBNQuest Trustees, Yosola Odunaiya at the Estate Planning Summit recently held in Port Harcourt, Rivers State.
Kindly share this post

FBNQuest Trustees Limited, a subsidiary of First HoldCo Plc, provider of trust solutions to individuals, corporate and government institutions, recently hosted its inaugural Estate Planning Summit in Port Harcourt.

The maiden event, themed: Wealth Preservation and Transfer without Hassle, was organised to strategically enlighten and empower the participants with the necessary knowledge required to seamlessly manage and successfully transfer their assets and legacies to their beneficiaries.

Speaking at the event, the Acting Managing Director, FBNQuest Trustees, Babajide Fetuga, stressed the critical importance of seeking professional guidance on estate planning, preservation and transfer of wealth to successive generations and other beneficiaries. He stated that a professionally drafted estate plan gives no room for any form of ambiguity; hence, it provides clear directives on what to do at any time.

‘’The potential consequences of not having an estate plan include perennial family disputes and protracted court cases, which may result in a huge financial burden and foster long-lasting resentments among loved ones if proactive steps are not undertaken to protect individuals, families and loved ones from avoidable stress.

‘’Understanding the values of wealth preservation is crucial. It is vital to recognize the importance of having a strategic estate planning blueprint, and we are determined to educate you with knowledge that not only informs but inspires you to take the necessary actions as you move forward,” he added.

FBNQuest Trustees is dedicated to promoting effective estate planning solutions. The company has a track record of successfully hosting estate planning summits in Abuja, Lagos, Minna and Ibadan and continues to emphasize the importance of thoughtful planning through initiatives like the Legacy Series Campaign and the Legacy Room podcast.

The summit featured industry experts who delivered valuable insights on the significance of wealth preservation and transfer, addressing the residents of Port Harcourt and its environs. The discussions focused on practical approaches and proactive measures attendees can adopt to manage their estates effectively and minimize potential future challenges.


Kindly share this post
Continue Reading

General News

Meta Tightens Spam Controls to Elevate Original Content on Facebook

Published

on

Kindly share this post

Meta has announced new measures to tackle spammy content on Facebook, aiming to enhance the Feed experience and support authentic creators. These updates are part of Meta’s broader commitment to fostering a platform where meaningful interactions thrive.

The initiative includes reducing the visibility of spammy content. Accounts that share duplicate posts, irrelevant captions, or excessive hashtags will lose reach and monetization eligibility. Spam networks that create multiple accounts to share identical content will also face decreased visibility.

Meta is increasing efforts to detect and remove fake accounts and pages involved in coordinated engagement or impersonation.

In 2024, the platform removed millions of such accounts. Features in Moderation Assist have been enhanced to auto-hide comments from suspected fake identities, and creators can now report impersonators directly in comments.

To further support original content, Meta continues to improve its Rights Manager tool, helping creators protect their work. Updated guidance aims to encourage creators to share authentic and engaging content to ensure their success on the platform.

Oluwasola Obagbemi, Head of Communications for Sub-Saharan Africa at Meta, emphasized the importance of creating an environment where creators who invest in meaningful content are recognized and rewarded.

Meta remains committed to fostering a positive and authentic environment for creators and users alike. Let me know if you’d like more adjustments!


Kindly share this post
Continue Reading

Trending