The flagship event, organized by the Lagos Chamber of Commerce and Industry (LCCI), with the theme, ‘New Tech: Threats and Opportunities’, brought together key players in the technology and telecommunications and financial services industries.

This year’s edition reflects Nigeria’s present journey towards a self-sustaining and productive digital economy; highlighting the transformative power of emerging technologies, mitigating the associated risks and exploring the endless possibilities they present.

The focus on fintech and telecoms sectors, evaluating their operations, challenges, yearnings and how to improve their services and productivity derives from the critical way in which they are deeply embedded in our lives today.

During a panel discussion on the impact of regulations on fintech operations and innovation, Emmanuel Abadi, partnerships Specialist at Moniepoint Inc, alongside other industry leaders, made a compelling case for increased collaboration across the fintech ecosystem.

Abadi stressed the importance of finding equilibrium between fostering innovation and implementing necessary regulations to ensure stability and consumer protection in the rapidly evolving fintech landscape.

“The regulatory landscape in Nigeria is evolving in a good way especially to the extent that we have hundreds of fintechs that are driving some of the mandates of the CBN today. At Moniepoint, we are very passionate about powering the dreams of millions of business owners and the individuals that they support and we have seen that financial inclusion has grown and thrived on the strength of existing regulation. We understand the imperative of using regulation as the lynchpin for driving stability in the nation’s economy at large, as well as the need to deepen consumer protection by building systems that will increase the public and regulator’s trust in the services that we as fintechs provide. Thankfully, there are channels in place that facilitate information exchange between the regulators and the players, and this has helped us a great deal,” Abadi noted.

Abadi also took the opportunity to showcase Moniepoint’s significant contributions to advancing the government’s socio-economic agenda, as evidenced by the launch of a definitive report around the informal economy, partnerships with the CAC, SMEDAN and Federal Ministry of Industry, Trade and Investment whilst underscoring the potential of fintech solutions to drive positive change in Nigeria’s financial services landscape.

The discussants also called on the need to have targeted guidelines that cater to the nuances and peculiarities of the fintechs and other innovative players, as against the current practice where majority of the rules in place are the same ones developed and applicable to the traditional financial institutions.

They maintained that regular and collaborative engagement between the fintechs and the regulators can fast track the formulation of regulatory guidelines that will be proactive and grow the industry.

The session which was moderated by Hakeem Olajide, CEO, Ascentree Services Ltd also had Ochanya Dan-Ugo, Director /Group Chief Risk Officer, Unified Payments and Seun Folorunso, AGM Projects & Relationships, FintechNGR as co-panelists .

The two-day expo featured a diverse array of activities, including special presentations, masterclasses, product demonstrations, exhibitions, and pitch sessions.

These events provided attendees with valuable insights into the latest trends and developments in the information and communication technology sector. Special guests at the event included President, Lagos Chamber Of Commerce and Industry Mr. Gabriel Idahosa, FCA; Engr Leye Kupoluyi, Deputy President, LCCI; VP and Chairperson, Trade Promotion Board , Abimbola Olashore and Director-General, Chinyere Almona.

The ICTEL Expo, now in its tenth year, continues to serve as a crucial platform for industry stakeholders to exchange ideas, showcase innovations, and discuss the challenges and opportunities facing the ICT and fintech sectors in Nigeria.

As the fintech industry continues to evolve rapidly, the insights shared at this event underscore the importance of ongoing dialogue between innovators, regulators, and other stakeholders to ensure a thriving and responsible fintech ecosystem in Nigeria.

Tech leaders are willing to spend to reap what they hope will be game-changing business improvements and streamlined operations, with a 61% rise in planned spending on AI in 2024, according to new research.

But business leaders should strike a balance between their excitement for AI with the needs of the business. For all the promise of this technology, many companies have already ended up with AI proof-of-concepts which have not delivered the results they hoped for.

Attaining tangible results from AI investment requires both careful thought, and attention to detail in execution.

There is a huge gap between exciting tech built in the laboratory and the day-to-day reality of business applications. It’s all too easy to take a short-sighted view and become over-excited by technology that has not yet crossed this gap. This is exactly how AI investment is wasted. 

The Risks and Challenges

AI holds significant promise for positive impact in Africa, yet it also brings substantial risks. Unfortunately, these risks may disproportionately affect those least prepared to address them, particularly within the African continent.

Research indicates that AI can perpetuate biases, amplify injustices, and infringe on human rights. The technology has negative implications for transnational organized crime, with criminals exploiting AI to breach personal datasets, applications, and impersonate individuals for extortion or fraud.

In South Africa, impersonation fraud surged by 356% between April 2022 and April 2023.

Moreover, AI can manipulate public opinion through the spread of misinformation or disinformation, a form of soft power.

For instance, during Nigeria’s 2023 general elections, a widely circulated deepfake audio on WhatsApp, Facebook, and other social media platforms falsely portrayed a secret conversation among leaders of the People’s Democratic Party (PDP) planning to compromise the elections.

The advent of advanced deepfake technologies and expansive language models introduces complex socio-technical challenges to democratic processes.

As African countries strive to develop robust AI policies, proactive measures to address AI-related concerns are still in their infancy.

Despite this, many nations on the continent are likely to prioritize staying abreast of AI advancements and harnessing its potential benefits. This focus may obscure potential threats and postpone solutions to future challenges.

Strategic Approaches for AI Governance in Africa

African countries can design and adopt their own governance approaches to address the current and future roles of AI through several key strategies:

Develop comprehensive national AI strategies: While African countries can begin to implement AI strategies to capitalize on their potential immediately, they should prioritize the creation of comprehensive national AI strategies.

These strategies should encompass regulations, investment opportunities, and consideration of country-specific peculiarities while aligning with existing continental and global policies.

Integrate AI Policies with broader initiatives: AI-related policy activities and interventions should be woven into broader initiatives focused on privacy, security, data access, intellectual property protection, human rights, and cross-border data interchange.

A coordinated effort by diverse stakeholders is necessary to connect these policy areas and develop a coherent action plan for policymakers.

Foster partnerships and knowledge sharing: African governments should prioritize partnerships and knowledge-sharing opportunities to advance AI initiatives on the continent.

This involves collaborating with other governments, regional organizations, academic institutions, and industry players to exchange best practices, resources, and expertise in AI governance.

Identify and mitigate AI risks: Governments and partners should begin to identify, amplify, and mitigate potential AI risks. This can be achieved by prioritizing ethical AI education and increasing awareness of AI-related harms.

Integrating AI ethics and responsible AI principles into educational curricula and raising public awareness about the implications of AI technologies are essential steps.

Given the evolving nature of AI, continuous research is crucial to track emerging threats and provide early warning support.

AI Adoption and Innovation

African consumers, educational institutions, governments, and companies are rapidly adopting AI to aid in content creation, improve the delivery of public services, and streamline business processes.

Although there is limited information on consumer adoption of AI tools across the continent, usage has surged due to the introduction of ChatGPT, DALL-E, Midjourney, and other commercial AI tools.

According to the 2024 Stanford AI Index, 27% of Kenyans use ChatGPT daily, placing Kenya third behind India and Pakistan.

Google search trends also reveal rising consumer interest in AI across Africa, with searches related to AI increasing by 270% over the last year and 400% over the last five years in countries such as Kenya.

African educational institutions, such as the University of Pretoria in South Africa, Makerere University in Uganda, and Kwame Nkrumah University of Science and Technology in Ghana, have developed prominent AI labs and published research focused on leveraging AI for social impact.

The African Institute for Mathematical Sciences (AIMS), launched in 2003 with educational centers in Cameroon, Ghana, Senegal, South Africa, and Rwanda, has established several Master’s and PhD programs in AI, machine learning, math, and data science, graduating over 3,000 students.

Additionally, large tech companies have established AI research labs in Africa. Microsoft set up the Microsoft Africa Research Institute in Nairobi, Kenya, in 2020. Google launched an AI research lab in Accra, Ghana, in 2018, and IBM Research opened labs in Nairobi, Kenya, in 2013 and Johannesburg, South Africa, in 2016. These initiatives reflect a significant commitment to advancing AI research and application across the continent

Staying Agile in the Ever-Evolving Era of AI

Business leaders must stay strategic when dealing with AI and avoid getting caught up in the excitement surrounding the technology.

This requires taking a step back to focus on real, tangible problems and prioritizing which ones to address first.

A holistic approach is essential: AI integration should be seamlessly woven into the solution for a real-life business challenge, and the project should be something that multiple teams can actively engage with.

By adopting a measured, holistic approach, leaders can ensure that AI projects move beyond the planning stage and truly harness the benefits of this transformative technology.

Similar to OpenAI’s DALL-E, Imagine with Meta uses the company’s Emu image generation model to produce high-resolution images from text prompts. The tool is currently free for users in the US, generating four images per prompt.

Meta aims to enhance transparency by introducing invisible watermarking to the Imagine with Meta AI experience in the coming weeks. This watermark, applied through a deep learning model, is designed to be imperceptible to the human eye but detectable with a corresponding model. It will withstand common image manipulations like cropping, colour change, screenshots, and more.

The move aligns with the broader industry trend, as companies like Microsoft, Google, Shutterstock, and others adopt AI-based watermarking standards. China’s Cyberspace Administration has mandated similar regulations, emphasizing the need for transparency in generative AI. 

This also aligns with the global push to clearly identify content generated by AI, especially in the wake of concerns about deepfakes and AI-generated abusive images.

Meta’s Imagine with Meta, positioned for creative hobbyists, is set to provide users with a unique text-to-image generation experience beyond messaging platforms.