E-Financial
Unleashing the Power of Conversational Banking to Redefine Customer Engagement

By Dean Baker, Squad Lead, BFSI – Infobip
Conversational banking, sometimes called chat banking, refers to the use of Artificial Intelligence (AI) and chat technology to help customers conduct traditional daily banking activities via digital communications channels on a mobile device.

Dean Baker, Squad Lead, BFSI – Infobip
Leveraging mobile messaging platforms, conversational banking has ushered in a new era of seamless and personalised banking experiences, tailored to meet the unique needs and preferences of each individual.
When conversational banking is delivered well, customers get both a more convenient and rewarding service experience. In other words, conversational banking leads to improved customer experience and ultimately improved customer loyalty.
Notably it has transformed how customers engage with their banks, providing a seamless and personalised experience using mobile messaging. However, a solid foundation for any conversational customer experience today is omnichannel communications, which is the ability to reach customers where and when they want, on their preferred channels.
Through chat apps, conversational banking provides instant, contextual, and personalised communication. Clients have the convenience of engaging with chatbots or agents 24/7 over a single platform where conversation history is saved for later reference.
An important aspect of banking is the ability to seamlessly shift the “conversation” to a human agent if and when needed while having the ability to present the engagement thus far to the agent, so as not to lose conversational context.
Conversational context
For example, should the customer have a question the chatbot cannot answer or if the customer gets stuck in the automation journey, they can be transferred to an agent with the conversational context, so the agent carries on where the conversation stopped, without the customer needing to explain everything all over again.
Choice is key and the caveat to an enhanced customer experience is to have the ability to deliver conversational banking over the customer’s channel of choice with the ability to move between channels without losing the context of the “conversation”.
One of the crucial customer benefits of conversational banking using chat apps is enabling customers to reach the financial institution whenever and wherever they may be. This will help build the trust required for successful long-term client-bank relationships.
The more a customer interacts with their bank through these conversations, the more a bank understands the customer’s preferences, habits, and needs – making it easier to personalise future transactional and promotional messages.
Conversational banking also brings various benefits to financial institutions, including speeding up time to resolution of queries or FAQs and automating the collection of data. Automation in call centres not only reduces costs but also enhances customer satisfaction, as customers who have a positive experience with a brand tend to report higher levels of satisfaction.
Revenue growth
Additionally, revenue growth can be driven through upsell, cross-sell and lead-generation efforts that can be personalised through conversational banking. Using conversational banking with AI-supported chatbots can also significantly reduce agents’ time spent on real-time support calls. Financial institutions can therefore support more customers with the same number of agents using chat apps. This reduces the pressure on customer service representatives and frees them up to handle more complex customer transactions.
AI technology plays a very important role in powering conversational banking experiences, as it enables chatbots to understand customer voice or text communications and to reply, simulating actual conversations. AI uses Natural Language Processing (NLP) to allow chatbots to determine meaning from language through common data elements.
However, the key challenge for financial institutions to overcome when looking to adopt a conversational banking journey is to choose the right communications platform and partner. Communications Platform as a Service (CPaaS) and conversational AI should give organisations all the tools they need for a great conversational banking experience. However, the key is to be able to customise these tools to align with their unique use cases and understanding of what their customers want.
The disruption within the banking sector is evident, as seen by the remarkable growth of fintech startups that have multiplied sevenfold over the past five years. Traditional banks must recognise and address these emerging challenges to remain relevant and competitive by embracing digital transformation effectively and adopting innovative strategies and new technologies to position themselves to thrive.
E-Financial
NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
E-Financial
SEC Directs Companies to Honour Unclaimed Dividend Requests

Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
E-Financial
FIRS Launches Revised SOP to Streamline Tax Payment

Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.
According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.
“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.
He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.
The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.
More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.
Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”
The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.
The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.
Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.
The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.
The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.
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