CBK Raises Concerns Over Use of AI in Banks

Use of AI continues to spread across many sectors...
✨ Key Highlights
The Central Bank of Kenya (CBK) has issued a warning to financial institutions regarding the premature adoption of Artificial Intelligence (AI) without adequately addressing ethical, legal, and operational risks. The CBK emphasizes the need for responsible and transparent deployment to maintain consumer trust and stability in the banking sector.
- CBK's Bank Annual Report 2024 highlights concerns over potential biases in AI models, data protection, and cybersecurity risks.
- The report stresses the importance of explainable AI and strong governance frameworks.
- The CBK advises banks to ensure data compliance with Kenya’s Data Protection Act and establish clear accountability for AI system outputs.
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