Africa Business World 

How artificial intelligence helps banks, fintech startups, and users

Fintech startups and banks have always been at the forefront of tech adoption, and they’ve been curiously following the growth and development of AI for many years. And there’s a good reason for it — we, the consumers of their services, want to have access to cutting-edge technology while dealing with our finances, as well as making sure that the companies dealing with our savings be equipped with the best of what tech can offer. AI and ML have recently moved from the realm of futurism to the very crux…

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Africa Business Nigeria West Africa World 

Nigeria: Loan defaulters to lose deposits in other banks

Nigeria’s Central Bank has announced that loan defaulters will now lose their deposits in other banks. The move is in an attempt to reduce the rate at which customers of banks default in paying their loans. The central bank and other lending institutions agreed to seize the bank savings of customers that borrow money and refuse to pay back. Per the agreement all deposits in the defaulting customers’ other banks’ accounts will be used to service the unpaid loans. The decision was taken at the 345th Bankers Committee meeting in…

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Africa Business West Africa World 

Sierra Leone launches Africa’s first blockchain online ID platform

Sierra Leone has become the first African country to launch a blockchain national digital identification platform. The country’s President Julius Maada Bio officially launched the system in the capital Freetown on Wednesday. This is the first time an African country is implementing such an online credit system designed by a San Francisco-based tech charity called Kiva. With such a system it becomes easier to identify ordinary citizens seeking loans since accessing their their credit history becomes easier. The platform will enable financial institutions capable of lending to look up citizens’…

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