Staff Writer
The Bank of Namibia (BoN) has won the Artificial Intelligence Initiative Award at the Central Banking Awards.
The award recognises institutions that use artificial intelligence in areas such as forecasting, payments oversight, regulation and fraud detection.
The bank was recognised for using artificial intelligence and machine learning in its daily operations.
Key projects include a non-performing loans predictive model, an inflation nowcasting system and a regulatory navigation tool.
The non-performing loans model helps provide early insights into risks in the banking sector.
The inflation nowcasting system produces near-real-time inflation estimates to support monetary policy decisions.
The Regulatory Navigation Tool provides quick access to regulatory information.
The award also considers how institutions apply innovation, effectiveness and cybersecurity practices.
The bank has also supported the growth of artificial intelligence skills in Namibia.
It partnered with the Namibia University of Science and Technology to establish the Artificial Intelligence and Robotics Accelerator laboratory.
The facility focuses on training students in robotics, data processing and artificial intelligence systems.
BoN governor Ebson Uanguta said the award reflects the bank’s approach to innovation.
“We are deeply honoured to be named the winner of Central Banking’s Artificial Intelligence Initiative Award, a recognition that reflects our belief that innovation in central banking must deliver measurable impact for the economy and the financial system. We view this award not as a destination but as a milestone in our journey to build a data-driven, forward-looking central bank aligned to the demands of the new economy,” he said.
