Access Holdings PLC, a leading financial services group, has echoed the need for ethical considerations in using Artificial Intelligence (AI), calling stakeholders in the financial industry to factor its sustainability implications. This call to action was driven by a compelling keynote address delivered by Lanre Bamisebi, Executive Director of IT & Digitalisation at Access Holdings, at the Smart Banking Summit 2024 held in Kenya  recently.

Speaking on the topic, “AI Guardians: Securing Compliance and Mitigating Risks,” Bamisebi’s keynote shed light on the imperative to strike a balance between innovation and responsibility as the banking sector and broader society embrace AI’s transformative potential.

“Artificial Intelligence has the power to revolutionise our societies. Over the years, this has become increasingly evident, offering unprecedented opportunities for growth, efficiency, and innovation. From enhancing customer service to optimising risk management, AI’s potential benefits in finance are vast. However, as we embrace AI, we must also ensure that its deployment is ethical, secure, and compliant with regulatory standards to mitigate risks effectively,” he said.

As the transformative power of AI continues to fuel innovation, concerns remain about its negative impact on the environment. According to OpenAI researchers, since 2012, the amount of computing power required to train cutting-edge AI models has doubled every 3.4 months. They also posit that by 2040, the emissions from the Information and Communications Technology (ICT) industry will reach 14 per cent of the global emissions, with the bulk of those emissions coming from ICT infrastructure, particularly data centres and communication networks.

Speaking to these concerns, Bamisebi said, “The exponential growth of AI adoption must be met with thoughtful consideration for its environmental footprint. As we harness the power of AI, we must prioritise sustainable practices to mitigate its energy consumption and carbon emissions, ensuring a harmonious coexistence between technological advancement and environmental preservation.

“We must embrace our roles as guardians, and place comprehensive regulatory frameworks, ethical standards, and continuous learning at the fore of our considerations so that we create a future that is safe, inclusive, and prosperous for all,” Bamisebi charged.

Themed ‘Navigating the Next: Africa’s Leap into Smart, Secure, and Inclusive Banking’, the summit was a pivotal gathering of leaders spearheading the digital evolution in the African banking and finance space.

Other contributors at the summit include Winnie Kaaka, Head of Product and Digital Banking, Access Bank Plc; Harry Hare, Co-Founder and Chairman, dx5; Moses Okundi, CIO/CTO, Absa; Tim Theuri, CISO, Safaricom/M-Pesa Africa; Daniel Adaramola, CISO, SunTrust Bank Nigeria Ltd; Steve Njenga, Founder and CEO, Metis Technology Solutions Ltd, and more.

G7 national officials will meet in Japan on Tuesday, 30th May 2023 to discuss challenges posed by generative AI tools like ChatGPT.

This meeting comes after the same group agreed to form an intergovernmental forum called the “Hiroshima AI process” to debate growing use of AI tools.

In their joint statement following this meeting, the G7 stated: “We recognise the need to immediately take stock of the opportunities and challenges of generative AI, which is increasingly prominent across countries and sectors.”

Japan’s communications minister, Takeaki Matsumoto said that during next week’s meeting, G7 officials will hold the first working-level AI meeting to consider issues such as intellectual property protection, disinformation and how the technology should be governed.

The G7’s moves are part of wider efforts to regulate AI, including significant moves the EU Parliament has made on its AI Act. In the most recent stage of the European AI Act, MEPs voted in favour of greater transparency for AI models like ChatGPT.

Matsumoto said that as this year’s G7 chair, Japan “will lead the G7 discussion on responsive use of the generative AI technology.”

The G7 AI working group work in cooperation with the OECD and the Global Partnership on AI (GPAI) to provide suggestion for heads of state by the end of 2023.

The Federal Executive Council has said the National Blockchain Policy for Nigeria is line with the National Digital Economy Policy and Strategy (NDEPS), which was unveiled and launched by President Muhammadu Buhari on the 28th of November, 2019. 

Recently, the federal government of Nigeria approved the National Blockchain Policy for Nigeria. According to PricewaterhouseCoopers (PwC), Blockchain Technologies could boost the global economy with US$1.76 trillion by 2030.

The Federal Ministry of Communications and Digital Economy developed the National Blockchain Policy for Nigeria on behalf of the Federal Government of Nigeria, in line with the 7th Pillar of the NDEPS, which focuses on Digital Society and Emerging Technologies.

Senior technical assistant (Research & Development) to the Honourable Minister of Communications and Digital Economy, Dr Femi Adeluyi, who disclosed this via Twitter, averred that the vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth, and prosperity for all. 

The implementation of the National Bloackchain Policy will have a positive effect on both the public and private sectors of the country, Adeluyi assured.

Speaking on the benefits of Blockchain Technology,  the senior technical assistant revealed that the technology has the potential to revolutionise many industries, from finance and healthcare to transportation and supply chain management, adding that, “Blockchain Technology makes transactions more transparent, trustworthy, and efficient and it can result in considerable cost savings and better user experiences. Furthermore, Blockchain Technology can boost innovation, improve public services, create job opportunities, and drive economic growth.

“These benefits have inspired governments around the world to explore ways to leverage this important technology. With the approval of the National Blockchain Policy, Nigeria joins the United Kingdom, Switzerland, Estonia, Singapore, United Arab Emirates, Denmark and other leading technology countries in adopting Blockchain Technology at the national level.”

The activities of the Policy shall be coordinated by the National Information Technology Development Agency (NITDA), under the supervision of the Federal Ministry of Communications and Digital Economy,  Adeluyi stated, even as he disclosed that a multi-sectoral Steering Committee has also been approved to oversee the implementation of the Policy.

“The Federal Executive Council has further directed relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy.  These regulatory agencies include NITDA, the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC) and the Nigerian Communications Commission (NCC), among others.