NITDA Pioneers AI Integration in Global Payments for Nigeria’s Tech Triumph!

CBN Official Emphasizes Collaboration for Harnessing AI and Data Analytics in Digital Payments

During the CBN’s 2023 Payments System Management Departmental Retreat program, the Director of the Payments System Management Department, Musa Jimoh Inuwa, emphasized the importance of collaboration in harnessing the potential of emerging technologies like artificial intelligence (AI) and data analytics to enhance digital payments. In an interview with Cointelegraph, Inuwa highlighted the need for cooperation among stakeholders to ensure the successful integration of these technologies into the financial sector.

Inuwa acknowledged the transformative power of AI and data analytics in revolutionizing the payments landscape. These technologies have the potential to streamline processes, improve efficiency, and provide personalized experiences for consumers. However, their successful implementation requires collaboration between regulators, financial institutions, and technology providers.

The Director emphasized that collaboration is essential to address the challenges associated with adopting emerging technologies. By working together, stakeholders can overcome regulatory hurdles, develop robust frameworks, and establish industry standards that promote innovation while safeguarding the integrity of the financial system.

Inuwa also highlighted the need for knowledge sharing and capacity building to ensure the effective utilization of AI and data analytics in digital payments. He emphasized the importance of training and upskilling the workforce to equip them with the necessary skills to leverage these technologies effectively.

Furthermore, Inuwa stressed the significance of data protection and cybersecurity in the digital payments ecosystem. As the adoption of AI and data analytics increases, it is crucial to have robust measures in place to safeguard sensitive customer information and prevent unauthorized access.

The Director expressed optimism about the future of digital payments in Nigeria, stating that the country has made significant progress in this area. He highlighted the success of initiatives such as the Cashless Policy and the introduction of the Payment Service Banks, which have contributed to the growth of digital payments.

Inuwa also emphasized the CBN’s commitment to creating an enabling environment for innovation and collaboration in the financial sector. The central bank has been proactive in implementing policies and regulations that promote the adoption of emerging technologies while ensuring the stability and security of the financial system.

In conclusion, Musa Jimoh Inuwa, the Director of the Payments System Management Department at the CBN, emphasized the importance of collaboration in leveraging emerging technologies like AI and data analytics to enhance digital payments. He highlighted the need for cooperation among stakeholders, knowledge sharing, and capacity building to effectively integrate these technologies into the financial sector. Inuwa also stressed the significance of data protection and cybersecurity in the digital payments ecosystem. The CBN remains committed to creating an enabling environment for innovation and collaboration in Nigeria’s financial sector.

Martin Reid

Martin Reid

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