{"id":7249,"date":"2026-02-03T11:27:24","date_gmt":"2026-02-03T11:27:24","guid":{"rendered":"https:\/\/ograsset.com\/?p=7249"},"modified":"2026-02-03T11:27:25","modified_gmt":"2026-02-03T11:27:25","slug":"cbn-survey-87-5-of-nigerian-fintechs-use-ai-for-fraud-detection","status":"publish","type":"post","link":"https:\/\/ograsset.com\/index.php\/2026\/02\/03\/cbn-survey-87-5-of-nigerian-fintechs-use-ai-for-fraud-detection\/","title":{"rendered":"CBN survey: 87.5% of Nigerian fintechs use AI for fraud detection"},"content":{"rendered":"\n
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CBN survey: 87.5% of Nigerian fintechs use AI for fraud detection<\/strong><\/p>\n\n\n\n

About 87.5% of Nigerian fintech companies now deploy artificial intelligence (AI) for fraud detection, highlighting how risk management concerns are shaping technology adoption across the country\u2019s fast-growing digital finance ecosystem.<\/p>\n\n\n\n

This is according to the Central Bank of Nigeria\u2019s Fintech Report 2025, published on Monday under its Policy Insight Series, based on a nationwide ecosystem survey, a closed-door stakeholder workshop held in June 2025, and the October 2025 CBN Fintech Roundtable.<\/p>\n\n\n\n

The report shows that fraud detection is the most dominant AI use case among Nigerian fintechs, far outpacing other applications such as customer service and credit assessment.<\/p>\n\n\n\n

What does the report say <\/strong><\/p>\n\n\n\n

Beyond fraud detection at 87.5%, about 62.5% of respondents said they use AI-powered chatbots for customer service, while 37.5% deploy AI for credit scoring and risk modelling.<\/p>\n\n\n\n

Another 37.5% apply AI to customer onboarding and know-your-customer processes. Only 12.5% of surveyed firms reported that they are not currently using AI at all.<\/p>\n\n\n\n

The report read, \u201cAI is widely adopted in Nigerian fintech, primarily for risk management and operational efficiency. \u201cFraud detection\u201d is the most common use case by a significant margin, employed by 87.5% of companies. This underscores the severity of the fraud challenge, which was described in the closed-door stakeholder workshop as a \u201cbig issue in the industry\u201d. Other key uses include \u201cChatbots\/customer service\u201d (62.5%), \u201cCredit scoring\/risk modelling\u201d (37.5%) and \u201cCustomer onboarding\/KYC\u201d (37.5%).\u201d<\/p>\n\n\n\n

According to the CBN, this pattern reflects both the scale of digital fraud challenges confronting Nigeria\u2019s financial system and the growing reliance on data-driven tools as fintech services become more embedded in payments, lending, and remittances.<\/p>\n\n\n\n

Fintech growth collides with integrity concerns <\/strong><\/p>\n\n\n\n

The AI findings sit within a broader assessment of Nigeria\u2019s fintech expansion.<\/p>\n\n\n\n

The report notes that the country processed close to 11 billion real-time payment transactions in 2024, more than double the volume recorded in 2022, placing Nigeria among the world\u2019s most active instant payment markets.<\/p>\n\n\n\n

However, the CBN warned that rapid digitisation has expanded the system\u2019s risk surface.<\/p>\n\n\n\n

Fraud, weak controls at some fast-scaling firms, and cross-border financial crime remain persistent concerns, even as Nigeria has strengthened anti-money laundering supervision, tightened KYC standards, and exited the Financial Action Task Force grey list.<\/p>\n\n\n\n

Industry appetite for responsible AI <\/strong><\/p>\n\n\n\n

Despite the heavy focus on fraud control, fintech operators signalled strong interest in scaling AI more broadly under clearer regulatory guidance.<\/p>\n\n\n\n

About 62.5% of respondents said they are very interested in participating in an AI-focused regulatory sandbox.<\/p>\n\n\n\n

Meanwhile, 75% prioritised ethical and transparent use of AI in credit and risk decisions, as well as fair and inclusive access to AI tools and data.<\/p>\n\n\n\n

The report stresses that as AI systems move from experimental tools to core components of financial services, governance and supervisory learning must evolve alongside industry adoption.<\/p>\n\n\n\n

Barriers to scaling AI adoption <\/strong><\/p>\n\n\n\n

Fintechs also identified clear constraints to deeper AI deployment. Limited access to technical talent and lack of regulatory clarity were each cited by 37.5% of firms as the biggest obstacles.<\/p>\n\n\n\n

In addition, 50% of respondents said access to high-quality data or infrastructure would be the most critical support for scaling AI use, underscoring the importance of digital public infrastructure such as interoperable identity systems and reliable data-sharing frameworks.<\/p>\n\n\n\n

Compliance costs and regulatory friction <\/strong><\/p>\n\n\n\n

Beyond AI, the survey highlighted broader pressures within the fintech ecosystem.<\/p>\n\n\n\n

About 87.5% of respondents said the cost of meeting regulatory and risk requirements significantly affects their ability to innovate.<\/p>\n\n\n\n

At the same time, 62.5% reported that regulatory timelines materially delay product launches, while more than one-third said it takes over 12 months to bring a new product to market due to approval and compliance bottlenecks.<\/p>\n\n\n\n

Perceptions of regulation remain divided. Exactly 50% of respondents described the regulatory environment as enabling, while the other 50% viewed it as restrictive, citing delays, unclear guidance, and inconsistent rule application.<\/p>\n\n\n\n

Collaboration remains strong despite challenges <\/strong><\/p>\n\n\n\n

Despite these frictions, the report found strong willingness among fintech firms to engage regulators more closely. 100% of respondents expressed readiness to collaborate through policy pilots, regulatory sandboxes, or structured working groups.<\/p>\n\n\n\n

The CBN said these insights are shaping its policy priorities, including innovation-friendly regulation, expanded supervisory technology, shared compliance utilities, and deeper collaboration on AI governance, fraud intelligence, and digital identity infrastructure.<\/p>\n\n\n\n

Source:<\/em> https:\/\/nairametrics.com\/2026\/02\/03\/cbn-survey-87-5-of-nigerian-fintechs-use-ai-for-fraud-detection\/<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

CBN survey: 87.5% of Nigerian fintechs use AI for fraud detection About 87.5% of Nigerian fintech companies now deploy artificial intelligence (AI) for fraud detection, highlighting how risk management concerns are shaping technology adoption across the country\u2019s fast-growing digital finance ecosystem. This is according to the Central Bank of Nigeria\u2019s Fintech Report 2025, published on… <\/p>\n

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