By Chinenye Anuforo

At the Smart Banking Summit 2024 in Kenya, Access Holdings urged the financial services industry to consider the ethical and environmental implications of using Artificial Intelligence (AI).

Lanre Bamisebi, Executive Director of IT & Digitalisation at Access Holdings, delivered a keynote address titled “AI Guardians: Securing Compliance and Mitigating Risks.” He highlighted the need for a balance between innovation and responsibility as the banking sector embraces AI’s transformative potential.

Bamisebi emphasized the vast benefits of AI in finance, including enhanced customer service and optimized risk management. However, he cautioned that ethical, secure, and compliant AI deployment is crucial to mitigate risks effectively.

He also addressed the environmental impact of AI, citing research by OpenAI that indicates the computing power required for AI model training has doubled every 3.4 months since 2012. This exponential growth raises concerns about the ICT industry’s environmental footprint, with data centres and communication networks contributing significantly to emissions.

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Bamisebi stressed the importance of considering the environmental footprint of AI adoption and prioritizing sustainable practices to mitigate energy consumption and carbon emissions.

“We must embrace our roles as guardians, and place comprehensive regulatory frameworks, ethical standards, and continuous learning at the fore of our considerations so that we create a future that is safe, inclusive, and prosperous for all,” he urged.

The Smart Banking Summit, themed “Navigating the Next: Africa’s Leap into Smart, Secure, and Inclusive Banking,” brought together leaders driving the digital revolution in African banking and finance.

Other contributors to the summit included Winnie Kaaka, Harry Hare, Moses Okundi, Tim Theuri, Daniel Adaramola, Steve Njenga, and more.

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