Why Nigerian Banks, Telcos, and More are Using AI Virtual Assistants to Deliver Services — NGX CIO, Afeez Ramoni

Applications of AI


Chief Information Officer of the Nigerian Stock Exchange (NGX), Afeez Ramoni, has explained why Nigerian sectors such as banking, telecommunications and law are favouring Artificial Intelligence (AI) virtual assistants for service delivery in the country.

Ramoni shared this insight during a Nairametrics webinar in July. “How to Make Money with AI: Creating Value for Businesses, Entrepreneurs, and Governments”

Ramoni said AI has revolutionised the Nigerian banking industry with the introduction of virtual assistants such as Leo and Ziva.

He added that similar trends are being seen in the country's legal and telecommunications sectors, enabling innovation, growth and economic opportunities in these industries.

For Ramoni, the use of AI virtual assistants in these areas is AI’s most popular resource for driving inclusivity, growth, and productivity.

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“In 2019, one of the Nigerian banks released a virtual assistant called Leo, and today you can chat with that virtual assistant. It's an implementation of AI, and it provides a solution to a problem.”

“There is also another bank’s implementation called Ziva, which is also an AI-powered chat box that allows for interaction with bank customers.

“Looking at legal services as well, there are also AI resources that can help Nigerian lawyers in their legal research, reviewing legal opinions, litigation and drafting laws, for example, tools like Timi are Law Pavilion products, they can access legal reports and other civil procedures, in fact, Nigerians can get legal procedures from such AI platforms.

“In the communications sector, we have seen Zigi by MTN, which is also an AI-powered virtual assistant.

“Essentially, virtual assistants are the most used use case in Nigerian businesses.” Ramoni said.

AI in the transport sector

Ramoni further said that AI is also being integrated into the transport sector to provide various data on transport usage in the country.

Ramoni highlighted the use of AI tools in Nigeria such as Lara.ng, which can predict impending traffic congestion and determine transportation costs and road conditions in different locations.

He said these innovations are providing much needed solutions and opportunities to many Nigerians despite the obvious economic challenges in the country.

“We also have a virtual assistant that helps Nigerians determine public transport options, traffic conditions and travel costs. It is called Lara.ng.”

“Nigerians are really rising to the occasion because while Nigeria has a lot of challenges, it also has a lot of opportunities. With the advent of smartphones, we are moving towards smart estates.”

“AI has been gradually introduced to streamline processes, improve customer service and provide support to customers.” Ramoni said.

Capital Market Opportunities

Also speaking, the Chief Information Officer of the Nigerian Stock Exchange stressed that there is immense opportunity in leveraging AI to boost investment in the capital market.

He said Nigeria's capital market regulator, the Securities and Exchange Commission (SEC), had set up a committee to explore AI-enabled technology to boost investment opportunities and enable investors to seamlessly participate in the market.

“The Nigerian capital market regulator, the SEC, is also witnessing the rise of artificial intelligence in the investment sector. AI is now being used for investment analysis in the market.”

“This has resulted in the creation of a committee to look at data implementation, privacy and investment opportunities through the use of AI.” He said.

Click here to watch the full webinar video where other experts spoke on AI opportunities in Nigeria.



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