CBN To Explore Artificial Intelligence To Boost Digital Financial Inclusion
The Central Bank of Nigeria, CBN says it would explore artificial intelligence in order to promote financial and digital inclusion.
The apex bank stated this on Tuesday at the Ecobank Digital Financial inclusion virtual summit in conjunction with the Vanguard Newspapers.
Speaking on the theme, “Mobile Payment innovation and Closing the Digital Financial Inclusion Gap, Post COVID-19”, Jimoh Musa Itopa, Director Payment system management department of the CBN, said the apex bank would expand data acess to financial institutions as well explore the digital space.
“As we all know, financial inclusion is very important to the Central Bank of Nigeria. The CBN is always interested in financial growth and development and its interested in financial and digital inclusion.
So, I must thank Ecobank for setting the stage on a robust discussion on financial inclusion in achieving acess to finances in Nigeria.
“In 2012 when Nigeria took the initiative to pertake in financial inclusion, Nigeria made the commitment to upgrade acess to financial services by Nigerians.
So the achievement has been great, even though we haven’t realise the 2920 target, a lot has been done.
“We are also looking at artificial intelligence and also engaged in the licensing process to financial technology companies and institutions in order to aid and promote digital financial inclusion.
He also harped on inter – agency collaboration with other sectors.
” We are also looking at inter-agency collaboration, not just the CBN, but with National Deposit insurance Commission, NDIC to provide insurance cover.. And just like we have been doing, we intend to collaborate with the Nigeria Communication Commission, (NCC).
“The NCC basically regulates the telecommunication industry and it will provide underlying tools to regulate the system. So, inter agency collaboration will strengthen new areas in technology and aid digital financial inclusion and provide adequate financial services to the general public. ”
According to the CBN official financial services must ensure trust is paramount when dealing with customers and clients m
“The CBN is open to new ideas and when participants come up with things like this, we key into it. Trust is very key in this area, for us in the payment system, is for financial institutions to guarantee their customers that they can get their money when they need it. For any channel of transaction provided, either through cask and other payment systems, it’s all about stakeholders engagement, not CBN alone. “
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