Resumo

MAKORE, ST Mota. Regulating Artificial Intelligence to Advance Financial Inclusion in South Africa. PER [online]. 2024, vol.27, n.1, pp.1-35. ISSN 1727-3781.  https://doi.org/10.17159/1727-3781/2024/V27I0A17488.

The emergence of artificial intelligence (AI) endowed with the capability to simulate human intelligence through software-coded operations has become a topical issue perplexing the minds of regulators, government officials, non-governmental organisations and the public across the globe. Linked to this increasing AI debate is the view that these technologies have the potential to facilitate financial inclusion. Whilst there are concomitant liability and cyber security-related issues associated with AI adoption, the importance of AI in facilitating financial inclusion cannot be overstated. AI can facilitate financial inclusion by enhancing the quality of the financial products and services offered by key players in the South African financial sector, including the capacity to improve the process of opening bank accounts, data analysis, the assessment of credit scores and the management of risk-linked to various financial products. Drawing significant lessons from a select study of the European Union (EU) and United Kingdom (UK) models on the regulation of AI, this article argues that there is a need for South Africa to develop an effective regulatory framework governing AI in pursuit of advancing the goals of financial inclusion, among other things. Finally, this article offers pertinent recommendations in search of avenues for developing policies, principles, norms and rules that govern AI in South Africa to advance financial inclusion and other important related goals.

Palavras-chave : Artificial intelligence; financial inclusion; decentralisation.

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