In 2018, commercial banks in Nigeria lost a cumulative N15bn to electronic fraud and cybercrime. This was a 537 per cent increase on the N2.37 billion loss recorded in 2017. Nigeria’s Consumer Awareness and Financial Enlightenment Initiative had projected a $6 trillion loss by 2030 to cybercrime within and outside Nigeria. These crimes are committed mostly through phishing and identity theft.
The recent devaluation of the Naira against the United States dollar has sparked conversation on the urgency around the need to raise the capital base of commercial banks in the country. Some analysts have argued that the 2004 banking industry recapitalization, which increased banks’ capital base from N2 billion to the current N25 billion, had weakened.
As a responsible corporate citizen, UBA has contributed significantly to the improvement of financial literacy in Northern Nigeria as a way of boosting financial inclusion through: Deployment of 200 offline BVN devices and 610 agents across strategic locations in the rural areas of Northern Nigeria. Periodic training of agents in the region on financial literacy who will in turn educate people around their vicinity.
For UBA Nigeria, our strategic goal remains to lead in Nigeria by having more than 15% of the total deposit market share and being among the top 3 most profitable bank; and in line with this, to make UBA a bank of choice in Northern Nigeria and to have a UBA account holder in every nuclear family in Nigeria. That is why leveraging on digital technology to drive financial inclusion remains paramount in our hearts, given the low level of financial literacy in Northern Nigeria.
AI has had a significant impact on the banking industry, A1is rapidly changing the quality of products and services the banking industry offers. Not only has it provided better methods to handle data and improve customer experience, but it has also simplified, sped up, and redefined traditional processes to make them more efficient.
AI has had a significant impact on the banking industry, revolutionising various aspects of banking operations and customer experiences.
Credit Risk Management: As regulators continue to focus on risk management supervision, financial institutions are mandated to develop more reliable models and solutions. A1 Algorithms can analyse customer data , credit history , and other relevant information to assess creditworthiness and make accurate lending decisions.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »