Boosting Nigeria's Payment System: NITDA, CBN Advocate for AI and Collaboration
Summary:
Kashifu Inuwa Abdullahi, the Chief Executive of the National Information Technology Development Agency, has emphasized on the need for collaborative efforts between the agency, the Central Bank of Nigeria and financial institutions to improve the Nigeria Payments System. Abdullahi highlighted the importance of embracing emerging technologies like AI and Data Analytics for enhancing digital payments. He also shared that the federal government is working on an AI policy to define rules and guide AI adoption and deployment. Furthermore, Bosun Tijani, Nigeria’s Minister of Communications, recently launched an AI interface to provide over a million candidates a chance to learn AI.
Kashifu Inuwa Abdullahi, the chief executive of the National Information Technology Development Agency (NITDA), is adamant about the significant role collaboration between NITDA, the Central Bank of Nigeria (CBN), and finance establishments can have in the international visibility and local utilization of the Nigeria Payments System. During a dialog with Cointelegraph at the CBN’s 2023 Payments System Management Departmental Retreat event, Abdullahi underscored the necessity of cooperation, which would enable the use of evolving technologies such as artificial intelligence (AI) and Data Analytics to enhance digital payment services.
The chief executive highlighted the potential of financial technology (fintech) to reinforce Nigeria's standing in the industry and ESG (Environmental, Social, and Governance) sectors, particularly with the application of a developmental regulation method and the introduction of supportive policies co-created with the tech community.
Abdullahi insisted on a thoughtful implementation of strategies aimed at capitalizing on AI benefits and averting its looming threats. He further clarified that NITDA's approach towards AI regulation will be collaborative with the CBN and other entities. Abdullahi proposed that the adoption of a specific technology by the CBN could significantly expedite its proliferation.
Addressing queries about Nigeria's plan concerning AI's opportunities and risks, Abdullahi revealed that the federal government has acknowledged AI models' growth pattern, which has transformed from linear to geometric progressions. He further disclosed that the previous government had initiated the groundwork for an AI Policy through NITDA, with its public reveal impending.
The forthcoming AI Policy would provide a reference for defining rules and the responsibility for their execution would rest with entities like NITDA. The policy would also review strategies, blueprints and directives for AI adoption and deployment.
Although Abdullahi admitted that AI could be a mixed blessing with its wide-ranging pros and cons, besides its inherent biases, he maintained that the regulator's approach has always been to foster innovation and not crush it.
In addition to several federal government policies intended to boost the industry, Abdullahi affirmed that these strategies are supportive of the startup ecosystem.
Furthermore, Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy, recently launched the 3 Million Technical Talent (3MTT) initiative. This program aims to provide more than a million candidates with an opportunity to undertake an introductory course in AI.
Published At
11/24/2023 9:00:16 AM
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