Bank Windhoek Highlights AI’s Transformative Potential for…

Bank Windhoek’s Annual Stakeholder Engagement Session focused on the impact of AI on Africa’s future, emphasizing ethical practices and the importance of local data. Managing Director Baronice Hans and Keynote speaker Seydina Moussa Ndiaye discussed the need for strategic decision-making and innovation to harness AI for sustainable growth and autonomy on the continent.

Bank Windhoek recently hosted its Annual Stakeholder Engagement Session at the Hilton Hotel in Windhoek, focusing on the transformative potential of artificial intelligence (AI) in Africa. Discussions revolved around the significant changes AI is prompting across various industries and emphasized the importance of strategic decisions that will affect the continent’s future. Baronice Hans, Managing Director of Bank Windhoek, underscored the necessity for Africa to wisely harness AI to promote autonomy, innovation, and sustainable development.

During her address, Hans remarked on the pivotal moment Africa is facing with AI, stating that the actions taken today will have lasting impacts. She asserted, “We must not simply adopt AI but shape, define, and ensure that it serves our people, economies, and aspirations. We must harness its potential not as an instrument of dependency but as a force for sovereignty, innovation, and sustainable growth.”

Furthermore, Hans indicated that Bank Windhoek aims to create AI-based solutions that respect its core values, safeguard data privacy, and broaden access to financial services. She stated, “We will ensure that, in the pursuit of progress, we never lose sight of the fundamental principles that define us: integrity, trust, and being a responsible corporate citizen.”

The keynote address was delivered by Seydina Moussa Ndiaye, Programme Director at the University of Numerique in Senegal, and a member of the UN Secretary General’s High-Level Advisory Body on AI. He emphasized that AI has its roots in 1948 and urged African nations to transition from merely consuming AI to producing it.

Ndiaye articulated the essential role of data in developing AI, highlighting that African-generated data can lead to tools and strategies that foster sustainable growth and inclusivity within the digital economy. He stated, “When AI is built with local data and is uniquely tailored to the African context, including culture and way of thinking, AI can solve African problems across various sectors.”

Additionally, Dr. Ndiaye stressed the necessity for the banking sector to adopt ethical AI practices to maintain trust and competitiveness in an evolving technological landscape. Ryan Geyser, Bank Windhoek’s Digital Data and Customer Transformation Executive Officer, reiterated the urgency of AI’s role in shaping Africa’s future, asserting the need for collaboration and decisive action towards an inclusive and ethical AI-driven future. He concluded, “It is important for us as Africans to solve our problems. AI gives us an avenue to explore that possibility.”

The Annual Stakeholder Engagement Session serves as a platform for Bank Windhoek to connect with its clientele, discussing significant topics relevant to the current global economic landscape. The organization aims to foster positive change through collaboration, enhancing the value it adds to customers’ businesses.

In conclusion, Bank Windhoek’s Annual Stakeholder Engagement Session addressed the critical role of AI in shaping Africa’s future. Key speakers emphasized the need for ethical AI practices, the importance of local data, and the necessity of strategic decision-making to ensure that AI developments benefit African economies and societies. Bank Windhoek aims to lead in developing AI solutions that foster growth while adhering to principles of integrity and trust.

Original Source: economist.com.na