Advancing technological capabilities: Harnessing AI for sustainable growth in Nigerian financial institutions

The technological landscape of Nigeria's financial institutions is marked by both promise and challenges. While significant progress has been made in digitization efforts, the adoption of advanced technologies like artificial intelligence (AI) remains relatively low. Limited access to big data, computing infrastructure, and advanced analytics talent hinders progress, resulting in a predominant focus on basic digitization efforts. However, there are significant opportunities for improvement through strategic investments in key technological pillars: big data, computing power, and algorithms. This article explores the pivotal role of technological advancements in big data, computing power, and algorithms in propelling Nigerian financial institutions toward a future of enhanced efficiency, data-driven decision-making, personalized services, and sustainable growth.