Bank of Namibia has saved N$6 million through the use of robotics and artificial intelligence (AI) to streamline processes.
Bank spokesperson Kazembire Zemburuka recently told The Namibian that automation improved productivity and reduced manual intervention costs.
“Establishing the automation centre of excellence has been instrumental in realising operational efficiencies, including cost savings of N$6 million through internal development efforts,” said Zemburuka.
He highlighted that the time involved in processing government payments has decreased.
“Technologies such as virtual bots have drastically reduced the processing time for government payment transactions from 30 minutes to just two minutes,” said Zemburuka.
Although AI has its benefits, there are risks especially surrounding security, he emphasised.
Cybersecurity threats could damage public trust, and the digital divide may leave some Namibians behind, while over-reliance on complex systems could expose new vulnerabilities if not correctly managed,” said Zemburuka.
To mitigate these risks, there should be a balance in technology integration and strong regulatory oversight, he added.
“This includes investing in cybersecurity, improving digital infrastructure, and ensuring that new technologies support rather than undermine financial stability and inclusion.”
Moreover, there should be collaboration between the central bank, commercial banks and fintech companies to create a secure and accessible banking system, he noted.
According to a statement issued by the reserve bank, advanced data analytics and AI will improve banking efficiency and expand access, particularly for underserved rural areas.
New technology can also help banks make better lending decisions and detect fraud.
“Modern payment systems promise faster, more secure transactions that could stimulate economic growth,” said Zemburuka.
Zemburuka added that the bank is conducting a digital maturity assessment to identify opportunities and potential risks in the sector.
“The outcome of the assessment will enable BoN to issue fit-for-purpose rules around the use of AI and robotics in the sector.”
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