Ogasabi reports on the 9am news that Afeez Ramoni, Chief Information Officer of the Nigerian Stock Exchange, has announced that banks, telecoms, discos, and other industries in Nigeria are leveraging AI to increase productivity and maximize profits. He urged other industries in Nigeria to adopt AI virtual assistants into their operational structures to enhance service delivery.
During a conference themed ‘How to Make Money Using AI: Value Creation for Businesses, Entrepreneurs, and Government,’ Ramoni disclosed that AI has transformed Nigeria’s banking sector with the introduction of AI assistants such as Ziva, Leo, Temi, and Zigi. He emphasized that AI is facilitating business operations across various sectors, including legal, transportation, and security, promoting inclusion, innovation, growth, accuracy, and overall ease of work.
In a statement obtained by 9am news Nigeria, Ramoni said, “In 2019, one of the banks in Nigeria released a virtual assistant called Leo. Today, one can chat with that virtual assistant. That’s an implementation of AI providing solutions to problems. We also have another AI implementation by another bank called Ziva, an AI-powered chatbox that allows interactions with banks customers.”
He highlighted that AI resources are assisting Nigerian lawyers with legal research, review of legal opinions, litigation, and legal drafting. For instance, the AI tool Timi, a product of Law Pavilion, helps access law reports and civil procedures. In telecommunications, MTN’s AI-powered virtual assistant Zigi has also been noteworthy.
Transportation
Ogasabi’s 9am news Nigeria segment observed that in the transport sector, AI assistants such as Lara.ng have enhanced data capturing, predicted traffic jams, and provided safety advisories for motorways across the country. Ramoni emphasized that AI tools are providing more ease and solutions to tackle daunting business challenges.
He explained, “There is a virtual assistant that helps Nigerians determine public transport, traffic situations, and transport costs. It’s called Lara.ng. Nigerians are rising to the opportunities. With the advent of smartphones, we’re transitioning into a smart estate. We’ve seen the gradual adoption of AI to streamline processes, improve customer service, and provide support to customers.”
AI use in the capital market
Ramoni also discussed AI use in the capital market, highlighting the numerous opportunities available to foster investments and growth. He noted that the Securities and Exchange Commission (SEC) has set up a committee to provide advisory on driving investment opportunities using AI technology and attracting more investors to the capital markets. “Nigeria’s regulatory body for the capital market, SEC, has seen the rise of artificial intelligence in the investment sector. We now use AI for investment analysis, leading to the inauguration of a committee focused on data implementation, privacy, and investment opportunities through AI,” he said.
Ogasabi wishes to notify readers that while the broader use of AI has fostered industry operations, it has also led to massive job losses, with more industries cutting jobs and applying AI-powered software to tasks once performed by humans. Stay tuned to the 9am news for more updates on this developing story.
