Nigeria Pushes for Collaboration to Leverage Emerging Technologies in Payments System

Director-General of NITDA Emphasizes Importance of Collaboration to Boost Nigeria Payments System

The director-general of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, has stressed the importance of collaboration between NITDA, the Central Bank of Nigeria (CBN), and financial institutions to enhance the Nigeria Payments System. In an interview, Inuwa highlighted the need to leverage emerging technologies like artificial intelligence (AI) and data analytics to deepen digital payments.

Financial Technology Can Drive Nigeria's Performance in Various Sectors

Inuwa emphasized that financial technology (fintech) has shown its potential to drive Nigeria's performance in the industry and environmental, social, and governance sectors. He mentioned that a developmental regulation approach and enabling policies co-created by the tech ecosystem can contribute to the country's success.

Regulating the AI Space and Unveiling an Artificial Intelligence Policy

Inuwa underlined the importance of regulating the AI space and working collaboratively with the CBN to achieve this. He mentioned that NITDA will be partnering with the CBN and other stakeholders to regulate AI and mitigate potential threats. Inuwa also revealed that the federal government has been working on an artificial intelligence policy, which will soon be unveiled to the public. This policy will serve as a foundation for outlining rules and implementing strategies for adopting and deploying AI.

Government's Approach: Balancing Potential and Threats of AI

Inuwa acknowledged that while artificial intelligence has both potential benefits and threats, the government's regulatory approach aims to foster innovation while addressing any biases and risks. He assured that the government is committed to creating a startup-friendly ecosystem and listed other industry-friendly policies introduced by the federal government.

Nigeria's Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, recently announced the 3 Million Technical Talent (3MTT) program, which aims to offer over 1 million applicants the opportunity to participate in an introductory AI course.