AI Key to Tackling Financial Fraud — eTranzact
Mr Hakeem Adeniji-Adele, Deputy Managing Director of eTranzact Plc, says Artificial Intelligence is central to preventing financial fraud in Nigeria’s financial sector.
Adeniji-Adele said this in a statement on Saturday following the second Nigeria Telecoms Forum 2026, which gathered key stakeholders from fintech and telecommunications industries.
The forum, with the theme ‘Resilient Networks, Smarter Futures: Powering Nigeria’s Next Digital Decade’, focused on innovation, collaboration, and the future of digital infrastructure.
According to Adeniji-Adele, Artificial Intelligence is becoming a critical tool in combating fraud across financial institutions.
He said AI was reshaping telecom operations, with the capacity to predict and prevent threats before they occur.
“Fraud management is shifting from reactive systems to advanced, forward-looking solutions powered by Artificial Intelligence,” he said.
He explained that conventional systems relied on fixed rules and often responded after fraud occured, while AI detected patterns and anticipated fraudulent activities earlier.
“We have traditional systems that are reactive, but the beautiful thing about AI is that it is predictive.
“In my industry today, we are seeing between 25 to 35 per cent reduction in fraud losses for institutions adopting AI-driven systems,” he said.
The session highlighted the need for stronger collaboration among industry players to build resilient digital infrastructure for long-term economic growth.
Stakeholders stressed that deploying advanced technologies such as Artificial Intelligence was vital to strengthening security frameworks and sustaining trust in Nigeria’s financial system.
Panellists included Ibrahim Dikko, Chief Executive Officer of Backbone Connectivity, and Muhammed Rudman, Chief Executive Officer of Internet Exchange Point of Nigeria.
Others were Ayomide Jones, EMEA Business Development Manager, West Africa at Equinix, and Nelson Bassey, Co-founder of Flowsoft.
