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Artificial Intelligence

π‘©π’–π’Šπ’π’…π’Šπ’π’ˆ 𝒕𝒉𝒆 𝑭𝒖𝒕𝒖𝒓𝒆 𝒐𝒇 π‘­π’Šπ’π’‚π’π’„π’†: π‘©π’†π’šπ’π’π’… π‘Ήπ’†π’”π’–π’Žπ’†π’”, 𝑰𝒏𝒗𝒆𝒔𝒕 π’Šπ’ 𝑨𝑰 π‘¬π’™π’‘π’†π’“π’•π’Šπ’”π’†

The global AI in finance market is set to skyrocket to $26.6 billion by 2025. To dominate this realm, Financial Service Providers (FSPs) must pivot strategically. Relying solely on external vendors stifles innovation and control. A recentΒ AccentureΒ study shows that while 80% of FSPs recognize AI’s importance, only 20% invest in in-house development. The key lies in building a future-proof workforce. Recently, I had the privilege of speaking on AI in Finance at theΒ Makerere UniversityΒ Statistics Students Association career talk series. Link to post: https://www.linkedin.com/posts/nesta-paul-katende-34890a165_%3F%3F%3F%3F%3F%3F%3F%3F-%3F%3F%3F-%3F%3F%3F%3F%3F%3F-%3F-activity-7180418196418551808-3O1W?utm_source=share&utm_medium=member_desktop

Artificial Intelligence

AFRICA’S AI LEAP, 20% STRATEGY , 100% OPPORTUNITY

As Africa strides into the Fourth Industrial Revolution (4IR), the urgency to upskill in AI is paramount. Recent data reveals that only 20% of African nations possess a national AI adoption strategy, hindering our understanding of current AI proficiency across the continent. Moreover, fragmented initiatives aimed at bridging the AI skills gap persist, with a recent UNESCO report finding that less than half of African countries have established AI research institutions. It is our collective responsibility and a shared mandate, to equip Africa with the knowledge and skills necessary to fully leverage the potential of AI. With the World Economic Forum estimating that AI could contribute a staggering $15.7 trillion to the global economy by 2030, the imperative for action is clear.

Artificial Intelligence

ARTIFICIAL INTELLIGENCE TALK

Returning to my alma mater, Makerere University, I am filled with a profound sense of gratitude, duty and purpose. In this age of unprecedented change, our ability to evolve, adapt, and even mutate is not just desirableβ€”it’s imperative. As I stand before the next generation, I see tomorrow’s torchbearers, hungry for knowledge and thirsty for change. My journey is a testament to the power of adaptation and the beauty of evolution. It’s a reminder that regardless of our backgrounds or academic pedigrees, we all possess the capacity to reinvent ourselves, to transcend limitations, and to defy expectations. Let’s embrace change and dare to dream.

Fintech

Beyond Consumer Loans: From Theory to Practice – Can ML Bridge Uganda’s Fintech Credit Scoring Gap in 2024?

Understanding the Credit Scoring Landscape: A Divided Terrain

2023 concludes with a stark division in Uganda’s financial landscape. Traditional banks, claiming an imposing 85% market share, find their dominance trembling amid the tremors of a digital revolution. The resounding echo of a 60% YoY surge in digital loans reverberates across the nation, fueled by a remarkable 72% mobile money penetration among adults, according to FinScope Uganda 2023. This isn’t just a seismic shift; it’s a dance of digits embraced by millions. However, beneath this shimmering surface lurks a harsh reality β€” the credit-scoring chasm.

Link to post: https://www.linkedin.com/posts/nesta-paul-katende-34890a165_fintechfrontiers-fintechfrontiers-digitallending-activity-7141712187936468992-GF6d?utm_source=share&utm_medium=member_desktop

Fintech

π‘Ήπ’†π’—π’π’π’–π’•π’Šπ’π’π’Šπ’›π’Šπ’π’ˆ π‘Όπ’ˆπ’‚π’π’…π’‚’𝒔 π‘­π’Šπ’π’‚π’π’„π’Šπ’‚π’ 𝑳𝒂𝒏𝒅𝒔𝒄𝒂𝒑𝒆: π‘³π’‚π’–π’π’„π’‰π’Šπ’π’ˆ ‘π‘­π’Šπ’π’•π’†π’„π’‰ π‘­π’“π’π’π’•π’Šπ’†π’“π’”’ – 𝑨 π‘Ίπ’†π’“π’Šπ’†π’” 𝒐𝒏 π‘΄π’‚π’„π’‰π’Šπ’π’† π‘³π’†π’‚π’“π’π’Šπ’π’ˆ’𝒔 π‘°π’Žπ’‘π’‚π’„π’• 𝒐𝒏 π‘ͺπ’“π’†π’…π’Šπ’• π‘Ίπ’„π’π’“π’Šπ’π’ˆ π’Šπ’ π‘Όπ’ˆπ’‚π’π’…π’‚.πŸš€

I’m delighted to introduce my groundbreaking series: “Fintech Frontiers’ – A Series on Machine Learning’s Impact on Credit Scoring in Uganda.” This isn’t just a series; it’s a strategic initiative aimed at reshaping how credit assessments operate within Uganda’s dynamic financial sector.

πŸš€ π‘½π’Šπ’”π’Šπ’π’ 𝒇𝒐𝒓 π‘·π’“π’†π’„π’Šπ’”π’Šπ’π’ 𝒂𝒏𝒅 π‘°π’π’„π’π’–π’”π’Šπ’—π’Šπ’•π²
In the ever-evolving world of finance, our series has a clear vision – to enhance precision, inclusivity, and efficiency in credit assessments. Recent studies by the McKinsey Global Institute (2022) indicate that financial institutions integrating machine learning into their credit scoring processes have witnessed a significant improvement in accuracy, reducing default rates by 25% and expanding access to credit for 30% more individuals.

βœ…π‘¨π’π’‚π’π’šπ’›π’Šπ’π’ˆ 𝒕𝒉𝒆 π‘°π’Žπ’‘π’‚π’„π’•: 𝑨 π‘·π’‚π’“π’‚π’…π’Šπ’ˆπ’Ž π‘Ίπ’‰π’Šπ’‡π’• π’Šπ’ π‘¨π’„π’„π’–π’“π’‚π’„π’š
The figures speak volumes. The 25% reduction in default rates underscores a paradigm shift indicating a substantial enhancement in the ability to predict creditworthiness. Machine learning isn’t merely refining the edges; it’s redefining the very contours of who can access financial services.

Insurance

Insurance

By leveraging advanced algorithms and data analytics, technology enhances risk assessment and fraud detection capabilities. Automation also facilitates personalized customer experiences, streamlined communication, and faster claims settlement.

Money

Banking

Automated banking systems enable faster transactions, secure online banking, real-time data analysis, and personalized services. The integration of technology empowers banks to meet the evolving needs of customers, drive innovation, and stay competitive in the dynamic financial landscape.

Education

Education

The automation of school reporting systems through the utilization of technology plays a pivotal role in enhancing efficiency, accuracy, and overall effectiveness. In today’s rapidly evolving educational landscape, the importance of streamlined and automated processes cannot be overstated. OTIC Education Suite leverages technology to digitize school operations