Founder and current Chairman of CWG Plc, a prominent systems integration company in sub-Saharan Africa, Austin Kwesi Okere, has emphasized that artificial intelligence (AI) will emerge as the primary distinguishing factor between successful and struggling financial services providers in the evolving landscape of global finance.
Mr Okere, highlighted AI’s crucial role in areas such as product development, corporate governance, and fraud prevention, which have gained heightened importance in light of recent economic developments. He also noted the potential for malicious actors to exploit AI for their own gain.
“When it comes to trusting banks, it’s all about safety – keeping your money secure from risks, fraud and cyber threats.
“People often lose sleep worrying about whether their funds are safe from unauthorised access or impersonation. But things keep changing, and now artificial intelligence poses a new threat by making it easier to fake identities. So, we’ve got to up our game and use that very same tool to improve security.
“Security in banking is always evolving and our job is to bring in the latest and best practices to protect your money. As the world gets more complicated, these safety measures become even more crucial. CWG leads the way in creating these solutions,” he added.
These remarks were made during the launch of CWG’s 20th-anniversary celebration of its operations in Ghana. They underscore the increasing importance of artificial intelligence (AI) across all sectors of the economy. Projections indicate that the global AI market is set to reach a value of $1.35 trillion by 2030, potentially contributing $15.7 trillion to the global economy in the same year.
Highlighting the relevance of AI, the Bank of Ghana’s fraud report disclosed that banks and specialized deposit-taking institutions (SDIs) incurred losses of approximately GH¢56 million due to fraud in 2022. In contrast, the global financial sector experiences annual losses in the trillions of US dollars due to fraud.
Harriet Attram Yartey, Managing Director at CWG Ghana and Vice-President for its regional operations, also emphasized how technology has created a unique opportunity for local institutions to achieve significant growth.
She noted that in the past, the cost was a major barrier for firms looking to embrace cutting-edge technology. However, CWG’s solutions have made technology more accessible, leading to substantial cost savings through improved efficiency and reduced risks associated with potential digital security breaches.
“We have successfully shifted the perception that technology is prohibitively expensive, and our customers are now expanding their operations while reaping the benefits of these savings,” she elaborated.
The 20th anniversary, with the theme “Positioning Africa to Maximize the Future,” she continued, “serves as a testament to CWG’s lasting contributions to the information, communication, and technology sector over the past two decades.”
“CWG has consistently set the standard for excellence in Africa and has diligently pursued its vision and mission, making a profound impact on Ghana and Africa’s digital ecosystems,” she added.
