The National Information Technology Development Agency (NITDA) on Wednesday expressed willingness to collaborate with the Central Bank of Nigeria (CBN) and financial institutions on leveraging emerging technologies for enhanced digital payments system.
Mr Kashifu Inuwa, the Director-General, NITDA, said this at a panel discussion of the CBN’s 2023 Payments System Management Departmental Retreat programme in Abuja.
Inuwa, represented by Malam Ya’u Garba, the National Director, National Centre for Artificial Intelligence and Robotics (NCAIR), said that leveraging emerging technologies like Artificial Intelligence (AI), Data Analytics, would result in better domestic utilisation and ensure more global recognition for Nigeria.
The D-G said that FinTech had contributed greatly in driving Nigeria’s performance in the industry and Environmental, Social, and Governance (ESG) initiative, especially with the application of developmental regulation approach and enabling policies.
“Developing 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,’’ he said.
Responding to questions on Nigeria’s efforts toward dealing with the opportunities and threats posed by AI, Inuwa said that the FG was already working on an AI policy.
He said the idea to develop an AI policy because the government had noticed the trajectory of AI models which moved from linearly to geometrical in proportions.
“This AI Policy will form the basis on which all the rules will be highlighted.
“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 the AI is often regarded as a double-edged sword, the potential and benefits are tangible, but not without a lot of threats.
“That is also apart from the biases that abound; notwithstanding, our regulatory approach has always been not to stifle innovation,’’ Inuwa said.
The Fintech industry, Inuwa said was driving the country’s economy, but could do more if AI was explored and exploited accordingly.
He said that the government needed to work closely with the UN, World Bank and global entities to build more infrastructure for FinTech and close the digital gap.
Earlier, Mr Musa Jimoh, the Director, Payments System Management, CBN, said there was need to embrace things that were contemporary to Nigeria and the world at large.
Jimoh said that the existing payments system should focus on how it could benefit the citizens.
“For everything we do, if it cannot benefit the common man on the street, then we have done nothing because the payment systems are designed for public good.
“As such, our thinking should always be what can we do to ease the pain, reduce cost, serve and make things more efficient and available to the common man and all Nigerians,’’ he said.
The retreat brought together payments industry experts and stimulated discussions around innovations in the payments ecosystem.
The retreat had its theme as “Future of Payments System: Opportunities, Threats and Propositions.’’