According to Cointelegraph, Kashifu Inuwa Abdullahi, the Director-General of the National Information Technology Development Agency (NITDA), has emphasized the need for collaboration between NITDA, the Central Bank of Nigeria (CBN), and financial institutions to enhance the Nigeria Payments System. Inuwa believes that cooperation is crucial for leveraging emerging technologies such as artificial intelligence (AI) and data analytics to deepen digital payments.
Inuwa stated that financial technology (fintech) can help drive Nigeria's performance in the industry and Environmental, Social, and Governance (ESG) sectors, particularly with the application of a developmental regulation approach and enabling policies co-created by the tech ecosystem. He also highlighted the importance of taking deliberate measures to reap the benefits and forestall the impending threats of AI, adding that NITDA will work collaboratively with CBN and others in regulating the AI space.
Regarding Nigeria's strategy around the opportunities and threats posed by artificial intelligence, Inuwa explained that the federal government had noted the trajectory of AI models, which have seen growth proportions shift from linear to geometrical. The government had started working on an Artificial Intelligence Policy through the Agency, which will soon be unveiled to the public. This policy will serve as the foundation for outlining rules, and agencies like NITDA, tasked with implementation, will discuss strategies, frameworks, and guidelines for adopting and deploying artificial intelligence.