Financial inclusion: WAEMU banks explore the potential of Artificial Intelligence
“Artificial Intelligence at the service of financial inclusion and banking transformation in WAEMU”. This is the theme of the forum of the Federation of Professional Associations of Banks and Financial Institutions (Fapbef) of the Union opened on Thursday, September 24, in Dakar. Around this major issue, those responsible for banking centers in the regional area want to harmonize practices in order to adopt a common strategy to boost financial inclusion.
The regional forum of the Federation of Professional Associations of Banks and Financial Institutions (Fapbef) of UEMOA opened yesterday, Thursday, September 24, in Dakar. Around the table, several personalities from the world of finance took part in the discussion on the theme: “Artificial intelligence at the service of financial inclusion and banking transformation in UEMOA”.
The objective of this strategic meeting is to create a community dynamic capable of making technological advances, particularly AI, as levers for sustainable and inclusive development. In the eyes of those responsible for the Union’s banking centers, Artificial Intelligence constitutes a fundamental transformation which directly affects the core business of financial institutions.
The adoption of such technology involves addressing new issues related to risk assessment, customer relations, fraud control, but also the financing of savings. For Guy-Martial Arona, president of Fapbef, it is mainly a question of examining the main challenges and adopting a common approach in the service of financial inclusion.
“Our markets share the same currency, the same regulator and the same regulatory space. It would then be counterproductive if, faced with a common innovation, our approaches become dispersed, our standards diverge or competition arises to the detriment of security and customer protection. The vocation of the federation is to pool experiences, bring together practices and, together, convey a coherent message to the central bank and community authorities,” he invited.
This Dakar forum should also promote and accelerate the use of AI as a catalyst for financial inclusion and banking transformation in the Union. To do this, UEMOA banking centers will have to align with the continental strategy of the African Union, which proposes an approach centered on the continent’s priorities. These are structured around five areas of intervention: leveraging the benefits of AI, building capacity, reducing risks, boosting investment and fostering cooperation.
Thus, the conclusions resulting from the work undertaken as part of this meeting will be put to use, so that financial inclusion becomes a tangible reality. However, the adoption of this digital tool must be accompanied by a new regulatory framework which will guarantee ethical use and ensure the protection of data and users of financial services.
For the Secretary General of the Ministry of Economy, Finance and Planning, Aliou Ndiaye, Artificial Intelligence raises issues of development, governance, social equity, but also sovereignty. In his view, it calls for “particular ethical vigilance. An algorithm can reproduce, or even amplify, biases and exclusions.” The Secretary General added: “It is up to us collectively to ensure that Artificial Intelligence remains a tool serving people and not a factor of discrimination.”
Diégane DIOUF
