The World Bank has underscored the potential of Artificial Intelligence (AI) to address various developmental challenges faced by low- and middle-income countries like Nigeria.
In its “Digital Progress and Trends Report 2023,” released on Tuesday, the World Bank highlighted AI’s capacity to enhance financial inclusion and ensure equitable and efficient taxation. However, it cautioned that AI’s impact could vary, presenting both opportunities and risks for these countries.
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The report outlined how AI could contribute to improving financial inclusion, a critical component of economic development. Traditionally, setting up a bank account has been burdensome due to extensive administrative procedures, including identity verification and tax registration. Moreover, limited credit information complicates risk assessment, hindering access to finance for many individuals and small to medium-sized enterprises (SMEs).
AI offers innovative solutions to address these challenges. By leveraging tiered know-your-customer (KYC) approaches, AI streamlines identification processes, facilitating easier access to banking and financial services. Additionally, AI analyzes data from various digital sources, such as social networks, call histories, and mobile phone top-ups, to assess creditworthiness and provide loans.
The World Bank’s recognition of AI’s potential underscores the importance of leveraging technological advancements to promote inclusive economic growth and development. As Nigeria and other low- and middle-income countries continue to embrace digital innovation, AI presents a valuable tool for advancing financial inclusion and fostering sustainable economic progress.
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By harnessing the power of AI responsibly and ethically, governments and financial institutions can unlock new opportunities to empower individuals and SMEs, driving greater prosperity and resilience in the face of evolving global challenges.
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