The group managing director of First HoldCo Plc, Mr Wale Oyedeji, has highlighted the vital function of AI governance in shaping Africa’s digital economic system.
He said this throughout his keynote handle titled, ‘AI Governance: Advancing Rules, Ethics and Danger Resilience in Africa’s Digital Financial system’ on the ISACA GRC convention held in Lagos, just lately.
Oyedeji pressured the importance of ethics, threat resilience, and sturdy regulatory frameworks in maximising the potential of Synthetic Intelligence.
He asserted that the digital economic system is reworking world financial landscapes, with Africa poised to profit considerably.
“Applied sciences reminiscent of e-commerce, knowledge analytics, robotics, and Synthetic Intelligence are driving this variation,” he defined.
Oyedeji believed that Africa’s dynamic youthful inhabitants, wealthy cultural variety, and ample pure sources current a singular alternative for accelerated digital transformation, contingent on strengthening infrastructure and enhancing connectivity.
To attain full participation within the world digital economic system, he emphasised the necessity to set up 5 foundational pillars: Digital Infrastructure, Digital Platforms, Digital Monetary Companies, Digital Entrepreneurship, and Digital Expertise.
Oyedeji acknowledged the African Union’s dedication by the Digital Transformation Technique for Africa (2020–2030), which goals to leverage digital applied sciences for socio-economic growth, market integration, job creation, and poverty discount whereas selling Africa’s possession of digital instruments.
He famous that this convention serves as a wonderful platform for evaluating the continent’s progress and exploring how AI Governance can additional increase this development.
Oyedeji pointed to Nigeria’s Nationwide Digital Financial system Coverage and Technique (2020–2030) as a mirror of this ambition. Launched in 2019, it’s constructed on eight strategic pillars, together with developmental regulation and digital literacy, which give a complete framework for positioning Nigeria as a aggressive participant within the digital economic system.
In line with Oyedeji, current GSMA research reveal each alternatives and challenges. In 2024, cell applied sciences are projected to contribute 7.7 per cent of Africa’s GDP, roughly $220 billion, with expectations to rise to $270 billion by 2030. Presently, nevertheless, practically 75 per cent of Africa’s inhabitants stays unconnected, regardless of 416 million people utilizing cell web. This highlights a big potential for digital inclusion, particularly on condition that 67 per cent of households lack entry to computer systems or smartphones.
Within the monetary sector, he emphasised that “AI governance should give attention to proficiency, security, safety, and compliance. Moral requirements, transparency, and accountability needs to be foundational to each AI initiative.
Governance frameworks should be certain that AI programs are each auditable and explainable, whereas aligning with established privateness requirements. Key parts ought to embody bias testing, clear transparency protocols, human-override mechanisms, and obligatory threat assessments.”
As Africa strikes in the direction of a completely digital economic system, Oyedeji famous that the transformation introduced by Synthetic Intelligence is already underway.
He underscored that advancing regulation, moral requirements, and constructing threat resilience are important, reinforcing that these priorities work in tandem to boost the standard of the continent’s digital future.
“With out sound governance, AI presents dangers; with it, AI turns into a robust accelerator for development, inclusion, and competitiveness throughout Africa,” he stated.
He added by recognising the profound affect ISACA professionals have on this evolving panorama.
“You’re positioned on the crossroads of belief, assurance, safety, and innovation, serving as guardians of digital integrity. As AI finds deeper integration throughout numerous sectors, your experience will likely be essential in shaping requirements that shield customers and strengthen nationwide ecosystems,” Oyedeji defined.
