By: Nana
Appiah Acquaye
Kenya’s financial sector
needs stronger artificial intelligence (AI) capabilities, data governance and
independent evaluation systems as financial institutions increasingly deploy AI
in areas such as credit scoring, fraud detection, customer engagement and
operational efficiency, Kenya’s Special Envoy on Technology Ambassador Philip
Thigo has said.
Thigo made the remarks while
delivering a keynote address at the CBK@60 AI Conference, held under the theme
“Trusted Artificial Intelligence in Central Banking Practice.”
He identified three key
areas that should shape the approach to AI in financial services, including the
growing role of AI in the sector, the need for institutions to develop the
capacity to evaluate AI systems, and the importance of ensuring that Africa
plays an active role in shaping how AI is governed and used.
Thigo said AI is already a
financial-sector issue, noting that Kenyan banks are deploying the technology
across credit scoring, fraud detection, customer engagement and operational
efficiency.
He said building trust in AI
requires central banks and regulators to have the ability to evaluate the
systems being deployed. This, he noted, requires stronger AI fluency, robust
data governance, independent evaluation and the capacity to understand increasingly
capable AI models.
Thigo also said African
countries must play a role in shaping how AI is governed and used, arguing that
the continent’s financial systems provide an important environment for
developing approaches that reflect African markets, languages and risk contexts.
He said the Central Bank of
Kenya (CBK), which is marking 60 years of service, has an opportunity to build
on its tradition of financial innovation as the financial sector enters the age
of AI.
According to Thigo, this
transition must be accompanied by efforts to protect financial stability,
integrity and public trust.
He congratulated the Central
Bank of Kenya on its 60th anniversary and commended its record of service and
leadership.
