Source: Potchefstroom Electronic Law Journal

 
Potchefstroom Electronic Law Journal discusses how artificial intelligence (AI) can advance financial inclusion in South Africa and the legal challenges associated with it. The article argues that AI has the potential to improve access to financial services by streamlining processes like credit scoring, risk management, and account setup. However, it also raises concerns about liability, cybersecurity, and data privacy.

Drawing comparisons with the EU and UK, the article advocates for a tailored regulatory framework to govern AI in South Africa. This framework should address risks like algorithmic bias while promoting the ethical and sustainable use of AI in sectors such as agriculture, healthcare, and education.

The article highlights the lack of a dedicated AI law in South Africa but notes that existing regulations, such as data protection and consumer laws, can be applied to AI-related issues. It concludes with recommendations for developing policies that balance innovation with accountability, ensuring that financial inclusion goals are met without compromising ethical standards.