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The Zambian government has called on the financial sector to develop Artificial Intelligence (AI) policies that will help integrate the latest technologies in serving clients.
Technology and Science Minister, Felix Mutati, stated the importance of embracing AI during the Banking and Finance Awards Gala Dinner in Livingstone on Friday night, an event organized by the Bankers Association of Zambia and the Zambia Institute of Banking and Financial Services.
Mutati stated in a statement issued in Lusaka that AI was transforming the future of banking, driven by advancements in digital technologies.
“AI has come to enhance the financial sector by offering better ways of serving customers and delivering products and services,” he noted.
The minister also reiterated plans for the AI Center of Excellence to be established by Google at the University of Zambia, which is set to be commissioned on Independence Day.
He said:”This center will serve as a regional hub for innovation.”
Mutati expressed gratitude to the banking sector for its partnership with the government in promoting financial inclusion, highlighting that over 65 percent of Zambia’s population was now engaged in financial services.
Bankers Association of Zambia Chairperson, Lowani Chibesakunda, announced that the financial sector was ready to offer green credit facilities to clients as part of efforts to combat climate change-induced droughts.
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Chibesakunda stressed the sector’s commitment to partnering with the government to address environmental challenges through sustainable financing options.
Meanwhile, Zambia Institute of Banking and Financial Services President, Moses Shuko, underscored the importance of hosting awards to foster growth, innovation and celebrate talent within the industry.
Among the evening’s winners, ZANACO Managing Director Mukwandi Chibesakunda received the CEO of the Year Award.
Other notable winners included FNB, National Savings and Credit Bank, Airtel Zambia, and Unifi Credit, recognized for their contributions to the financial sector.
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