WEPDAY25

By 2024, approximately seventy-four percent of Nigerian adults had gained access to formal financial services according to IMF data. This expansion marked… Published by:Wapday25.  10mins Read.  The data released by the IMF shows that by 2024, around 74% of Nigerian adults had access to formal financial services. This was a major change in citizens' attitude to money, savings and micro loans. To deal with credit risk, stop cyber fraud and personalise customer interactions, commercial lenders and fintech startups are looking to machine intelligence to handle a greater volume of transactions through digital channels. Nigeria has a national strategy that prioritises financial services as a Sector with clear sector specific roadmaps. These guidelines relate to automated efficiency, algorithmic risk management, credit scoring, fraud detection, and customised consumer offers.  The Central Bank of Nigeria foresaw these changes when it presented the Payments System Vision that set...