BoB ramps up AI adoption :: Mmegi Online

The Bank of Botswana (BoB) has set up a working group to incorporate aspects of Artificial Intelligence into its operations, catching up to rapid adoption in the local financial sector as well as other central banks already using the technology for fraud detection, forecasting, and analytics.

In its simplest definition, Artificial Intelligence, better known as AI, is the revolutionary technology that uses large datasets and machine learning to replicate and improve on tasks done by humans. Botswana has developed a draft AI policy that is currently being debated by stakeholders, with a view for adoption, possibly by the end of the year.

Alice Kgathola, Strategic Planning and Risk Management department director at the BoB, told BusinessWeek that AI was already deployed in a limited manner in the central bank, with plans for further expansion of the technology.

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BoB ramps up AI adoption

The Bank of Botswana (BoB) has set up a working group to incorporate aspects of Artificial Intelligence into its operations, catching up to rapid adoption in the local financial sector as well as other central banks already using the technology for fraud detection, forecasting, and analytics.

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