By Balarabe Oshiafi
In a move to ensure Nigeria’s payments system get more global recognition and domestically utilised across the country, the Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, has restated the need for the Central Bank of Nigeria (CBN) and financial institutions in the country to collaborate with the Agency.
He explained that this would leverage on emerging technologies such as Artificial intelligence (AI) and Data Analytics to enhance digital payments.
Inuwa made this known during a panel discussion segment at the Central Bank of Nigeria’s 2023 Payments System Management Departmental Retreat programme.
According to a release made available to Expressday, the DG who was represented at the event by the National Director, National Centre for Artificial intelligence and Robotics (NCAIR), Engr Ya’u Garba, alluded to the fact that financial technology (FinTech) has so far shown immense ability in driving Nigeria’s performance in the industry and Environmental, Social, and Governance (ESG), especially with the application of developmental regulation approach and enabling policies co-created by the tech ecosystem.
According to him, deepening collaborations with key stakeholders will fast track the realisation of the goal, adding that upping the game in digital payments will not only continue to put Nigeria at the forefront as Fintech driven economy but will also enhance consumers’ user experience and help move many people out of poverty.
Responding to questions regarding Nigeria’s efforts toward dealing with the opportunities and threats possed by Artificial intelligence, Inuwa explained that the Federal Government haven noticed that the trajectory of AI models which have moved from linearly to geometrical in proportions had in the previous administration, started working on Artificial intelligence Policy through the Agency which he said would be soon unveiled to the public.
“This AI Policy will form the basis on which all the rules will be highlighted and Agencies like NITDA, which is the implementation arm will be talking about the strategies, framework and guidelines to navigate through its adoption and deployment”.
“Although artificial intelligence is often regarded as a double edged sword, the potential and benefits are tangible but not without a lot of threats, and that is apart from the biases that abound, notwithstanding, our regulatory approach has always been not to stifle innovation.”, Inuwa noted.
Inuwa who also mentioned other policies of the Federal Government for the industry, maintained that the policies are start-up ecosystem- friendly.
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