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.

TD Africa, Sub-Saharan Africa’s leading distributor of tech and lifestyle products, has announced an agreement to distribute select Ring devices in Nigeria.

The agreements revealed at meeting with its resellers on Thursday night in Lagos, TD Africa stated that it will leverage its growing network of channel partners and key resellers in extending the reach of Ring’s cutting-edge solutions to millions of potential users across Nigeria.

By offering Ring devices for the first time in Nigeria, TD Africa and Ring can deliver home security solutions that are accessible and effective. Ring provides reliable, easy-to-install DIY home security products that offer customers peace of mind as they protect their homes.

While using devices like the Ring Video Doorbell (2nd generation), homeowners can see, hear and speak to anyone at their front door, from their compatible phone or tablet – even in the dark.

Ring devices provide an extra layer of security, through a variety of features. With Ring Video Doorbells and Security Cameras, users benefit from Motion Detection, Two-Way Talk, Night Vision, and more, all controllable via the Ring app. Plus, Ring has put features in place across all its devices to ensure privacy, security, and user control remain front and centre. Features vary based on the device and may be subject to a Ring Protect subscription.

The coordinating managing director, TD Africa, Mrs. Chioma Chimere disclosed that, “We are delighted to add Ring to a growing list of globally recognised brands we represent in Nigeria. Through this collaboration, we are confident of bringing the Ring range of intelligent home security solutions to the homes of many Nigerians through our nationwide network of channel partners.

 Also speaking vice president– Emerging Markets, Ring, Mohammad Meraj Hoda said, “At Ring, our mission is to make neighbourhoods safer. We reimagined home security with products like Ring Video Doorbell, Floodlight Cam Wired Pro, and Stick Up Cams.

“Now, we’re excited to work with TD Africa to expand our product availability in Nigeria. We look forward to working together to bring our products to residents and continue to provide peace of mind to more customers around the world,” said.

Ring devices, including video doorbells, indoor and outdoor security cameras and a range of accessories, including solar panels, will be available from April 2023 in stores, shopping centres, malls, tech-focused markets and other retail locations in major cities across Nigeria. Customers can also expect in-store events and online specials to introduce this new product offering.