Assessment of Artificial Intelligence Tools Adoption and Workforce Optimisation in The Fintech Industry

The adoption of artificial intelligence (AI) tools and workforce optimization pose unique challenges in both developed and developing nations. This study investigates the adoption of artificial intelligence (AI) tools and their impact on workforce optimization in Nigeria's fintech sector, where only about 20% of financial institutions currently utilize AI. Challenges such as regulatory constraints, inadequate infrastructure, and skills shortages hinder progress. An explanatory research design was employed, focusing on supervisors and managers from the top five fintech companies: Flutterwave, Interswitch, Paystack, Carbon, and Paga. A structured questionnaire was distributed via Google Forms, yielding 191 valid responses, representing an 80% return rate. Data analysis was conducted using SPSS. The results reveal a significant relationship between AI tool adoption and workforce optimization (Sβ = 0.768; R² = 0.590; F = 15.895; Tval = 10.836; Pval = 0.000). The Sβ value indicates a strong correlation, with AI accounting for 59% of the variance in workforce optimization. These findings highlight the essential role of AI in enhancing operational efficiency and productivity, suggesting that Nigerian fintech firms should prioritize AI adoption to foster innovation and maintain competitiveness in an evolving financial landscape.