AI, blockchain technology could give African banking an edge

The potential of artificial intelligence and blockchain technology in revolutionizing Africa's financial sector rests on the cusp of realization. Nevalon Moodley, a partner at Financial Services Technology at BDO, emphasizes the significant impact these technologies can have precisely because of Africa's lack of legacy systems compared to Europe and North America. Moodley believes that embracing technology could be a game-changer, allowing African countries to overtake others globally. He paints a vivid picture of the transformative power of technology, suggesting that Africa could leapfrog traditional infrastructure by embracing drones for transportation networks. The time for Africa to leverage technology is now, he asserts. The key theme of the discussion revolves around the immense potential of AI and blockchain to propel Africa's financial sector into the future. Three key points emerged from the interview: the transformative impact of technology on the financial sector, the importance of exploring decentralized finance (DeFi) in Africa, and the monetization of unstructured data for business insights. Moodley underscores the potential for AI and blockchain to lower funding costs and accelerate development across the continent. He highlights the need for regulators to experiment with these technologies to create a safe and efficient environment for financial transactions. Furthermore, he discusses the value of unstructured data in providing exceptional customer experiences and improving business operations. The interview also delves into the ethical considerations surrounding artificial intelligence, with Moodley emphasizing the importance of establishing global standards to govern AI development and usage. He cautions against unrestricted AI capabilities that could potentially pose a threat to humanity. Moodley reassures that their AI, Alice, is built with governance principles to ensure safe and controlled operation. As the world progresses further into artificial intelligence, continuous monitoring and adherence to ethical guidelines will be paramount to prevent any unforeseen consequences. In conclusion, the transformative potential of AI and blockchain technology in Africa's financial sector is vast, offering the opportunity for accelerated development and innovation. Moodley's insights shed light on the importance of embracing these technologies responsibly to unlock Africa's financial sector's full potential.