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First City Monument Bank (FCMB) has received the Responsible AI and Intelligent Finance Award at the CIO & C-Suite Conference and Awards Africa in recognition of its efforts to integrate artificial intelligence into banking operations while maintaining standards of customer protection, data privacy, regulatory compliance and ethical governance.
The award, presented at the conference in Lagos, acknowledged the bank’s approach to adopting emerging technologies in financial services, particularly its emphasis on ensuring that AI-driven systems are deployed responsibly, with appropriate safeguards to protect customers and strengthen public confidence in digital banking.
The conference brought together executives and professionals from the technology, fintech and financial services sectors to examine the growing influence of artificial intelligence on business operations, data localisation, innovation and the future of financial service delivery.
FCMB’s recognition comes amid increasing adoption of AI by financial institutions seeking to improve operational efficiency, strengthen risk management, detect fraudulent transactions and provide more personalised services to customers.
The development has also heightened concerns about data protection, algorithmic accountability, transparency and the need for effective human oversight of automated financial systems.
According to the bank, its approach to AI governance is supported by its ISO 42001:2023 certification, an international standard for Artificial Intelligence Management Systems that provides a framework for identifying, assessing and managing risks associated with the development and deployment of AI technologies.
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The certification establishes requirements for responsible AI management, including governance structures, risk controls and processes designed to ensure that the technology is used in a transparent and accountable manner.
FCMB’s Chief Technology Officer, Blessing Ehize, said the bank was committed to adopting artificial intelligence in ways that improved customer experience without compromising privacy, trust or regulatory obligations.
“Technology must work for the customer, not against them, and must always align with ethical standards and human oversight,” Ehize said.
Ehize explained that the bank’s approach to technology adoption was deliberate, with customer interests and responsible innovation forming the foundation of its digital transformation initiatives.
The bank said it would continue to explore opportunities to deploy artificial intelligence in improving service delivery, supporting informed decision-making and developing secure, scalable and inclusive financial solutions.
It added that the recognition reinforced its commitment to combining the benefits of emerging technologies with the governance structures and safeguards required to protect customers and other stakeholders.
