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Artificial intelligence (AI) is transforming the financial landscape in East Africa, particularly in cross-border payments. Banks across the region are leveraging AI to enhance customer experience, combat fraud, and improve transaction efficiency. Jeremy Awori from Ecobank Group highlights how AI analyzes transaction patterns to recommend services and detect anomalies, thereby minimizing fraud.
Despite these advancements, the high costs associated with cross-border payments remain a significant challenge. For instance, transaction fees can reach up to 50% of the payment amount, causing delays in settlements. While AI enhances operational efficiency, it does not address the fundamental issue of cost in these payment corridors.
• AI enhances cross-border payment efficiency and customer experience in East Africa.
• High transaction costs remain a significant challenge despite AI advancements.
AI is utilized to analyze transaction patterns and enhance customer service in banking.
Machine learning tools help detect fraudulent activities without human intervention.
Ecobank Group employs AI to improve cross-border payment processes and combat fraud.
KPMG's study indicates that the financial sector is rapidly adopting AI technologies.
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