The Nigerian banking sector is increasingly adding Artificial Intelligence (AI) to its workforce, using automation to fill the gap in customer service among other areas.

In this vein, Zenith Bank Plc has introduced an Artificial Intelligence (AI) powered Chatbot on WhatsApp named ZIVA (Zenith Intelligent Virtual Assistant), which enables customers to perform financial transactions and enjoy real-time customer service from their mobile phones.

The bank explained in a statement that its customers would be able to use the initiative by simply adding the bank’s verified WhatsApp mobile number 07040004xxx on their mobile devices, agree to the legal terms of use and then initiate a conversation.

This product provides the convenience for the bank’s customers to interact and transact on a 24 hours basis on the encrypted WhatsApp platform, it added.

Among the functions of the AI enabled chatbox is instant response to chats/queries via the WhatsApp platform. Also, customers would be able to open new accounts, receive instant transaction notifications, check their balances on the go, transfer funds and top up airtime.

They would also be able to confirm cheques, pay bills, apply for loans, block their accounts, and request mini statements, amongst other banking services.

Commenting on the new banking solution, the Group Managing Director/Chief Executive of Zenith Bank Plc, Mr. Ebenezer Onyeagwu said: “The launch of ZIVA is driven by the need for additional secured channels of communication with our customers as we deepen our retail penetration.”

He further explained that the ZIVA initiative was instigated by the need for diverse communication channels for the bank’s customers.

“Since the behavioural pattern of the modern customer dictates that they want to engage with brands over the channel of their choice, it was really important for us as a leading financial services institution and a pioneer of several technological innovations in the financial services industry to implement this solution in order to continue to create value for our teeming customers who incidentally were already using WhatsApp as a primary channel of communication,” he said.

Zenith Bank has remained the leader in the Nigerian banking industry in many fronts. The bank said it would continue to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices.

“The bank has remained a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

“The bank’s commitment to world-class service standards has led to several product innovations, including the “Zenith Timeless Account”, which allows Nigerians aged 60 years and above bank for free, the “Zenith Save4me”, a high-interest target savings account and the deployment of contactless payments and QR on ATM points, amongst others.

“Zenith Bank places a premium on its core business strategy anchored on People, Technology and Service, to create value for its numerous clientele. With a team of dedicated professionals, the bank leverages its robust Information and Communication Technology (ICT) infrastructure to provide cutting-edge solutions and products through its network of branches and electronic/digital channels,” it said.

However, the AI initiative, which is likely going to be followed by other banks will impact jobs in the banking sector. With automated solutions to customers’ queries, the banking workforce will undergo a downsizing. AI is increasingly being embraced by industries following the outbreak of covid-19, limiting in-person services as much as possible but also taking jobs away from people.

Experts believe the trend will force many out of work in the near future, but will also help them to learn and practice other needed skills.

The deployment of 5G network in Nigeria has finally gotten a green light from the country’s communication’s watchdog, following the conclusion of the series of inquisitions that have hampered the roll out.

Umar Garba Danbatta, executive vice chairman of the Nigerian Communications Commission (NCC), says the federal government is ready to deploy a fifth generation (5G) network across the country.

5G roll out in Nigeria came under heavy scrutiny last year following the misinformation that stoked concerns about the safety of the communication technology. The concerns prompted the Nigerian Senate to halt 5G activities until its ordered investigation by Joint Committee on Communication, Science and technology, ICT and Cybercrime, Primary Healthcare and Communicable Disease was complete.

Following the completion of Senate’s investigation and the approval of the NCC, the path for the fifth generation network was set.

The minister of communications and digital economy, Dr. Isa Pantami, had last week announced federal government’s readiness to increase network connectivity by deploying 5G network in the country.

According to him, the decision to deploy the 5G network followed an outcome of thorough investigations, research and trial absolving it of posing security or health threat. He explained that the work on the national policy on 5G stands at 95 percent done and will be presented to the federal executive council (FEC) in due course.

Danbatta announced the government’s decision to allow 5G roll out during a presentation in Abuja on Wednesday. He said the NCC is ready for the implementation of the government’s decision.

The NCC boss also lauded the thriving healthy competition in the telecommunications industry, which he said has driven down the prices of data in the country. He said the NCC is requesting for additional spectrum to be allocated by the National Frequency Management Council (NFMC) to facilitate adequate deployment.

“On the 5G, the Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami has spoken about the Federal Government’s position to deploy as soon as possible. Our state of readiness is very high.

“There’s an auction committee for 5G with a deployment plan ready. As you know, without a plan you cannot have a successful deployment.

“All we are asking is additional spectrum to be allocated by the National Frequency Management Council (NFMC). Of course some of these spectrums are ready but we have to get the Federal Government’s approval to go ahead with the auctions,” he explained.

Danbatta said the commission will launch a book to provide more insight into the workings of NCC under his watch. He explained that the commission will continue to deploy its mandate to boost the economy and ensure national development.

“I have spoken about the first Strategic Vision Plan (SVP), comprising 8 agenda items. The SVP has come to the end and we have written a book providing documented progress we have made while implementing it. I am pleased to inform you that the book will be unveiled on 7th September, 2021.

“The Commission will continue to put in its best in the discharge of its mandate, especially in facilitating the deployment of broadband infrastructure, which is central to diversifying the Nigerian economy and national development.

“It’s our belief also that the communications industry, under the leadership of the Ministry of Communications and Digital Economy, will experience more quantum leap and retain its current flagship role in the telecommunication space,” he said.

Nigerian telcos led by MTN have expressed readiness to launch the fifth generation network as soon as they receive approval from the regulator, which means, the infrastructure is expected to be deployed from now on. The 5G network is expected to yield $2.2 trillion economy between 2024 and 2034, opening a larger growth opportunity for Sub-Saharan fast-growing telecom market.

However, the challenge to 5G’s potential growth in Nigeria and the rest of Sub-Saharan lies partly on the availability of affordable 5G devices.