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| Mr Lanre Bamisebi |
Access Holdings Calls for Responsible Use of AI at Smart Banking Summit
At the Smart Banking Summit 2024 held in Kenya, Executive Director, IT & Digitalisation at Access Holdings,Lanre Bamisebi, called on stakeholders in the financial industry to consider the sustainability implications of Artificial Intelligence, AI
In his keynote address titled “AI Guardians: Securing Compliance and Mitigating Risks,” Bamisebi highlighted the need to balance innovation with responsibility. He noted that while AI offers immense opportunities for growth, efficiency, and innovation in finance, it is crucial to ensure its use is ethical, secure, and compliant with regulatory standards to mitigate associated risks.
"Artificial Intelligence has the power to revolutionize our societies," Bamisebi said. "From enhancing customer service to optimizing risk management, AI's benefits in finance are vast. However, we must ensure that its deployment is ethical, secure, and compliant with regulatory standards."
Bamisebi also addressed environmental concerns associated with AI, citing OpenAI researchers who have noted that the computing power required to train cutting-edge AI models has been doubling every 3.4 months since 2012. By 2040, the emissions from the Information and Communications Technology (ICT) industry are projected to reach 14 percent of global emissions, with data centers and communication networks being major contributors.
“The exponential growth of AI adoption must be met with thoughtful consideration for its environmental footprint,” Bamisebi stated. “As we harness the power of AI, we must prioritize sustainable practices to mitigate its energy consumption and carbon emissions, ensuring a harmonious coexistence between technological advancement and environmental preservation.”
He urged the financial sector to embrace their roles as guardians, advocating for comprehensive regulatory frameworks, ethical standards, and continuous learning to create a future that is safe, inclusive, and prosperous for all.
Themed ‘Navigating the Next: Africa's Leap into Smart, Secure, and Inclusive Banking’, the summit brought together key leaders driving the digital evolution in African banking and finance. Notable contributors included Winnie Kaaka, Head of Product and Digital Banking at Access Bank Plc; Harry Hare, Co-Founder and Chairman of dx5; Moses Okundi, CIO/CTO of Absa; Tim Theuri, CISO of Safaricom/M-Pesa Africa; Daniel Adaramola, CISO of SunTrust Bank Nigeria Ltd; and Steve Njenga, Founder and CEO of Metis Technology Solutions Ltd.
About Access Holdings Plc
Access Holdings Plc is a multinational financial services group offering commercial banking, lending, payment, insurance, and asset management services. Headquartered in Lagos, Nigeria, Access Holdings operates through a network of over 700 branches and service outlets across three continents, 21 countries, and serves more than 60 million customers.
Transitioning into a holding company in 2022 to drive rapid growth and provide interconnected services across various customer needs, Access Holdings includes the Access Bank Group, Access Pensions, a Payment and Switching Services Company, a Digital Lending Company, and an Insurance Brokerage Company. The banking vertical operates through four segments: Retail, Business, Commercial, and Corporate, and has achieved significant growth, becoming one of Africa’s largest retail banks by customer base and Sub-Saharan Africa's largest bank by total assets.
Access Holdings is committed to delivering sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers access more and achieve their dreams.
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