FGN/CBN Collaborate to Propel Digital Payment Integration in Tech Landscape
Tuesday 21 November 2023
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In a strategic move to elevate the global recognition and domestic utilization of Nigeria's Payments System, the Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, CCIE, has underscored the imperative for collaborative efforts between the Central Bank of Nigeria (CBN) and financial institutions. The aim is to leverage emerging technologies such as Artificial Intelligence (AI) and Data Analytics to deepen digital payments across the nation.
In a recent panel discussion at the Central Bank of Nigeria's 2023 Payments System Management Departmental Retreat program, Inuwa, represented by Engr Ya'u Garba, the National Director of the National Centre for Artificial Intelligence and Robotics (NCAIR), emphasized the pivotal role that Financial Technology (FinTech) plays in propelling Nigeria's performance in the industry and Environmental, Social, and Governance (ESG) sectors. He highlighted the effectiveness of developmental regulations and enabling policies co-created by the tech ecosystem.
Inuwa stressed the significance of collaboration with key stakeholders, stating that such partnerships would expedite the realization of digital payment goals. He emphasized that enhancing digital payment capabilities not only positions Nigeria as a Fintech-driven economy but also improves consumers' user experience and contributes to poverty alleviation. CONTINUE READING........
Responding to questions about Nigeria's approach to the opportunities and threats posed by Artificial Intelligence, Inuwa explained that the Federal Government had initiated the development of an Artificial Intelligence Policy. This policy, to be unveiled soon, will serve as the foundation for highlighting rules, strategies, frameworks, and guidelines for the adoption and deployment of AI.
Inuwa acknowledged the dual nature of AI as a potential benefit and a source of threats, including biases. However, he assured that the regulatory approach aims not to stifle innovation. He emphasized the need for deliberate measures to reap the benefits of AI while mitigating potential threats.
The NITDA Director-General revealed plans for collaborative regulation of the AI space with CBN and other entities. He highlighted the potential for rapid adoption of technology when endorsed by CBN. CONTINUE READING......
Inuwa informed the audience about the recently passed Start-up Bill, signed into law by former President Muhammadu Buhari in October 2022. He expressed confidence that the bill would address bottlenecks in the tech ecosystem, promoting a startup-friendly environment.
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The NITDA boss advocated for collaboration with international organizations such as the United Nations and the World Bank to build infrastructure for FinTech. He cited the Startup Act as a positive step forward for the country's startup ecosystem.
In conclusion, Inuwa outlined various government policies, including the 3MTT program, National Broadband Plan, Digital Identity Policy, and the National Financial Policy, aimed at driving innovation and financial inclusion in the country.
The Central Bank of Nigeria's Payments System Management Departmental Retreat brought together industry experts to discuss innovations in the Payments System space under the theme "Future of Payments System: Opportunities, threats, and propositions."
Source: Nairametrics
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