Interview: Mohammed-Bashir Yunusa - Transforming Financial Services for an Inclusive Future

The AI Revolution in Banking - How Generative AI is Redefining Financial Inclusion

Introducing Mohammed-Bashir Yunusa: A Trailblazer in Digital Transformation and Finance

Today, we are thrilled to be joined by Mohammed-Bashir Yunusa, a distinguished leader in the financial services industry and a visionary in digital banking and finance. With close to a decade of expertise spanning deal structuring, corporate and retail finance, business strategy, and digital transformation, Mohammed-Bashir is redefining what it means to innovate in the financial sector. As the Director of Digital & Consumer Business at The Alternative Bank, in Nigeria, he is at the forefront of integrating cutting-edge digital solutions into traditional banking models.

Notably, Mohammed-Bashir has a stellar track record of transforming businesses for growth, including the launch of Sterling Bank’s Non-Interest Banking Retail Business in 2015. Under his leadership, the business achieved exponential growth, realizing over a billion Naira in credit facilities within two years. He has also been instrumental in developing groundbreaking projects, such as “altmall.ng,” Nigeria’s first credit-based e-commerce platform tailored to the retail segment. This pioneering digital product has become a benchmark in Islamic banking and consumer finance in Sub-Saharan Africa.

Join us as we delve into Mohammed-Bashir’s insights on digital transformation, innovation, and the future of banking in Nigeria and beyond. His deep understanding of Nigeria’s economic and business landscape, combined with his expertise in navigating business risks and opportunities, promises an enlightening conversation.

How do you see banking exploring the use of generative AI to transform key aspects of digital banking, such as customer support, personalized financial services, or product innovation?

Generative AI is reshaping the way we think about digital banking. From simplifying customer interactions to driving financial inclusion in underserved regions, this technology is unlocking new possibilities that were once out of reach. At AltBank, we’re proud to be part of this revolution, leveraging AI to not only improve banking services but also make them more personal, accessible, and impactful.

Here’s how we’re using generative AI to create meaningful change:

1. Revolutionizing Customer Support

Imagine a world where banking is as easy as having a conversation with a trusted friend. Our AI-powered chatbots make this a reality by responding to customer inquiries with human-like understanding. Whether it’s a question about account balances or a complex financial query, these chatbots are trained to provide quick, accurate, and empathetic support. And the best part? They’re constantly learning, ensuring each interaction gets better over time. This innovation means faster response times, happier customers, and fewer frustrations.

2. Empowering Smarter Financial Decisions

Money matters can be overwhelming, but generative AI makes it easier for customers to take control of their finances. By analyzing individual transaction patterns, the AI offers personalized recommendations—whether it’s a savings plan, a credit option, or an investment opportunity. For instance, a young professional might receive guidance on building an emergency fund, while a small business owner could get insights into managing cash flow. This kind of hyper-personalization transforms banking into a tool for empowerment, helping people make smarter financial choices.

3. Driving Product Innovation

At AltBank, innovation isn’t just about keeping up—it’s about staying ahead. Generative AI enables us to quickly prototype and refine new products by simulating customer behavior and market trends. It’s how we create intuitive user experiences, impactful marketing campaigns, and even interactive tools that make learning about finances fun and engaging. With AI as our creative partner, we’re crafting solutions that truly resonate with our customers.

4. Breaking Barriers to Financial Inclusion

For many in Nigeria, traditional banking has felt out of reach. Generative AI is changing that by addressing the unique challenges of financial inclusion in ways that are both scalable and human-centered.

• Speaking the Language of the People: Our AI-powered conversational agents communicate in local languages and dialects, making banking accessible to rural populations and those with limited literacy. A farmer in Kano, for example, can navigate microloan options in Hausa with ease.

• Tailored Educational Content: Financial literacy is essential, but a one-size-fits-all approach doesn’t work. AI creates personalized materials—like short videos or audio guides—designed for specific demographics. This means a young entrepreneur in Lagos gets different advice than a market trader in Aba.

• Simplifying Onboarding: With AI-driven KYC (Know Your Customer) systems, people without traditional identification can still open accounts. By using biometric data or alternative verification methods, we’re removing barriers and welcoming more people into the financial system.

5. Building Trust Through Transparency

In a digital age where privacy concerns loom large, trust is everything. At AltBank, we use generative AI responsibly, ensuring data privacy and ethical standards are prioritized. We believe that transparency and security are not just checkboxes—they’re the foundation of long-lasting relationships with our customers.

Looking into the Future: How do you plan to ensure that generative AI-driven innovations, like personal financial coaching and ecosystem integration, remain inclusive and accessible to underserved populations while delivering cutting-edge solutions?

The potential of generative AI in banking is enormous. In the next five years, we envision AI acting as a personal financial coach for our customers—offering real-time budgeting advice, expense tracking, and tailored financial insights. Imagine having a proactive assistant who helps you plan for life’s big milestones or navigate unexpected challenges.

Generative AI will also redefine how we think about credit. By analyzing alternative data like mobile phone usage or community interactions, it can provide fair and accessible credit options to underserved populations. Additionally, advanced AI models will play a critical role in fraud prevention, detecting suspicious activities before they become a problem.

But it doesn’t stop there. We see a future where digital banks like AltBank become more than just financial institutions—they become ecosystems. Seamlessly integrating with lifestyle apps, e-commerce platforms, and other services, we’ll create experiences that go beyond banking and touch every aspect of our customers’ lives.

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As we conclude this enlightening discussion, it is clear that Mohammed-Bashir Yunusa’s vision and expertise are not only driving transformation but are also setting a benchmark for innovation and financial inclusion across Sub-Saharan Africa. His ability to blend traditional banking principles with cutting-edge digital technologies has redefined the customer experience, making banking more accessible, impactful, and equitable.

We’ve explored his groundbreaking work in non-interest banking, his leadership in creating innovative platforms, and his passion for fostering socio-economic equity through strategic initiatives. His commitment to empowering underserved communities and enabling SMEs underscores his dedication to shaping a future where financial services are a force for good. Thank you, Mohammed-Bashir, for your time and for providing us with a deeper understanding of how digital transformation and innovation can drive meaningful change. We look forward to witnessing and learning from your continued success!