Financial sector urged to come up with AI policies

By Mwila Nsofu

Government has urged the financial sector to come up with Artificial Intelligence -AI- policies which will help them embrace latest technologies while serving clients.

Technology and Science Minister FELIX MUTATI says Artificial Intelligence has come to stay and banks must embrace it in operations.

Mr. MUTATI says AI has come to enhance the financial sector by offering better ways of serving customers and delivering products and services.

He was speaking in Livingstone when he graced the Banking and Finance Awards Gala Dinner organised by the Bankers Association of Zambia and Zambia Institute of Banking and Financial Services.

Mr. MUTATI also announced that the Artificial Intelligence Centre of Excellence built by Google at the University of Zambia will be commissioned on Independence Day.

He said the centre will serve as a regional hub for innovation.

The Minister also thanked the banking sector for partnering with government in promoting financial inclusion which has now reached over 65 percent of Zambia's population.

And Bankers Association of Zambia Chairperson LOWANI CHIBESAKUNDA said the financial sector is ready to start offering green facilities to clients to fight climate change induced drought.

Meanwhile, Zambia Institute of Banking and Financial Services President MOSES SHUKO said the hosting of awards promotes growth and innovation in the sector.