The deployment of artificial intelligence (AI) in the financial sector is expected to see over $900 billion in growth by 2026.

This was disclosed by representatives of top financial institutions that account for 70 per cent of global digital transactions during a session on ‘AI in digital finance’ at the ongoing GITEX Global event in Dubai, United Arab Emirates.
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The speakers at the session included the Chief Technology Officer, Bank United, Michael Lehmbeck, Executive Director, UBS, Singapore, Rochak Agrawal; Managing Director, Financial Crime, Standard Chartered, Singapore, Arjun Chib and Chief Information Officer, South Africa’s oldest bank, Dido Wa Kalonji.

The speakers noted that finance is changing at an unprecedented pace with AI. They informed that 60 per cent of financial institutions globally have integrated AI across multiple business functions, driving efficiency and innovation.

They submitted that the use of AI in finance requires monitoring to ensure proper use and minimal risk, stressing that proactive governance can drive responsible, ethical and transparent deployment.

According to them, in 2024, AI’s global market value will edge closer to $1 trillion, reflecting an enormous impact on global economies.

They stressed that governments, corporates and startups must transform proofs of concepts swiftly, balancing AI’s potential with creativity and human intuition.

Meanwhile, over the next five years, the AI-driven software development industry is poised for significant growth with productivity expected to rise by 126 per cent, driven by the adoption of generative AI tools accelerating development cycles and improving software quality.

This is even as global research and development spending in AI is expected to hit $300 billion by the end of 2024. This investment, according to experts, critically needs guidance to ensure ethical deployment, address biases and maximize societal benefits.

Already, the Executive Vice President of the Dubai World Trade Centre (DWTC), Trixie LohMirmand, has said that there is huge potential for AI development in Nigeria.

LohMirmand stressed that the country can become a large AI powerhouse for the region.
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She told global investors at the forum to visit Nigeria because it is the single largest AI market in Africa.

“For the startups that are in Nigeria, you will now have the opportunity to have access to capital, to be able to benchmark and understand what the rest of the world is doing on a yearly aggregated, large-scale format. This is very vital in the age of AI,” she stated.

This is coming as AI has been identified as Africa’s path to economic growth, cutting across all sectors of the economy, including health, finance, technology, and agriculture among others.

On this, Minister, Ministry of Information, Communications and Technology, Eswatini, Savannah Maziya, emphasised the importance of structured development to tackle unique market challenges and unlock Africa’s economic potential.

Speaking on the challenges facing Africa, Commissioner, Ministry of Innovation, Science and Technology, Lagos State, Olatunbosun Alake, said: “The greatest challenge in Africa is education. If you look at the most educated parts of Nigeria, they show economic value, whereas in areas where education levels are not as high, economic productivity is lower. There needs to be an African Renaissance of education funding across the board because if you drive education, educate, and enlighten people, people will change the environment.”
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