How AI could transform financial education in Nigeria

In Nigeria today, financial literacy often feels like an exclusive club. While some Nigerians understand how to save, invest, and plan for the future, millions more are left out.

They do not lack interest; they lack access to knowledge that fits their language, background, and education level. With more than 200 million people spread across over 500 languages, a one-size-fits-all approach has failed to close this gap.

“Without basic financial knowledge, people are more vulnerable to fraud, poor investment decisions, and crushing debt.”

But something is shifting. Artificial intelligence (AI) is beginning to offer new ways to reach Nigerians through personalised financial education.

AI-powered tools promise to make financial knowledge not just more accessible but also more relevant, tailored to people’s needs, language, and understanding. If done right, this could open up economic opportunities for millions who have been excluded.

Why the old approach is not working

Efforts to improve financial literacy have been around for years. Yet they have struggled to keep up with Nigeria’s diversity and challenges. Workshops in major cities rarely reach rural communities.

Most materials are still in English, despite the fact that many Nigerians speak little or none of it fluently. And formal classroom teaching often fails to keep people engaged.

The data tells a worrying story. A 2020 World Bank report shows that less than 30 percent of Nigerian adults are considered financially literate. Women, rural dwellers, and those without formal education fare even worse. Without basic financial knowledge, people are more vulnerable to fraud, poor investment decisions, and crushing debt.

AI offers a smarter way.

AI has the potential to change this. It can tailor financial education to each individual, adjusting to their learning style, language, and level of understanding.

AI chatbots can answer basic money questions in real time, while natural language processing (NLP) can translate materials into major local languages like Yoruba, Igbo, and Hausa.

Some early examples are promising. AI-driven platforms use gamification and simulations to make financial lessons more engaging, something that research shows can improve knowledge retention by up to 60 percent.

Chatbots can handle up to 80 percent of common questions, offering 24/7 access to basic financial advice, no matter where a person lives. And adaptive learning systems can quickly adjust to fill knowledge gaps, ensuring that users keep moving forward.

The risks and the rewards

Of course, AI is not a silver bullet. Much of rural Nigeria still lacks reliable internet access. And AI systems need to be trained on diverse data to avoid bias and ensure they do not exclude certain groups.

Data privacy is another concern; financial learning platforms will need to comply with Nigeria’s Data Protection Regulation to build trust.

But the opportunity is clear. The Central Bank of Nigeria estimates that financial illiteracy costs the economy billions each year in missed opportunities. Bridging the gap with AI-driven education tools could have real, measurable benefits both for individuals and the wider economy.

A collective effort

Governments, fintech firms, and education providers will need to work together. The technology is there. What is needed now is coordination, investment, and a commitment to making these tools available to all Nigerians, not just those with a smartphone and good internet.

AI is already reshaping how people learn about money in other parts of the world. If Nigeria moves quickly, it can do the same and bring millions into the formal economy. But time is short. In the global race for digital inclusion, Nigeria cannot afford to lag behind.

Jude Enajero; Finance Professional | AVP at Citigroup | CFA Candidate. Jude Enajero, MBA, is an AVP at Citigroup and Co-Founder of Learn Easy Finance. With expertise in finance and information systems, he aspires to launch a private equity sustainability firm, combining impact and innovation.