ARTIFICIAL INTELLIGENCE RISKS AND OPPORTUNITIES TAKE CENTRE STAGE AT 17TH SCIENTIFIC SEMINAR

The Governor of Banco de Moçambique, Rogério Zandamela, opened the Bank's 17th Scientific Seminar on Tuesday morning (16) at the Banco de Moçambique Cultural Centre, on the occasion of the 46th anniversary of the Metical, the national currency.

In his remarks, Rogério Zandamela stated that the theme of this year's edition, "Regulation and Use of Artificial Intelligence in the National Financial System: Risks and Opportunities", is of great significance, "as it confronts us with a reality that no longer belongs solely to the future, given that artificial intelligence is no longer confined to laboratories, universities, or major technology companies." He noted that AI is becoming increasingly integrated into the functioning of the financial system, institutional decision-making processes, and the daily lives of citizens. "By placing this topic at the centre of our discussions, Banco de Moçambique acknowledges this reality and contributes responsibly to promoting financial innovation that strengthens confidence, integrity, and the stability of our financial system," he explained.

Rogério Zandamela acknowledged that artificial intelligence (AI) can contribute to enhancing financial inclusion, modernising financial products and services, increasing transaction speed, improving customer service, preventing fraud, and providing more accessible, secure, and tailored solutions to meet the needs of Mozambicans.

Moreover, Zandamela noted that artificial intelligence is of particular relevance to Banco de Moçambique, given its potential to support monetary policy analysis, improve macroeconomic forecasting, and assist decision-making in an increasingly complex environment. The technology can also strengthen financial stability surveillance, enhance financial sector supervision, and improve the security and efficiency of payment systems.

According to the Governor, despite the potential benefits of this technology, its use also raises risks related to the misuse of personal data, automated decision-making that may adversely affect consumers, cybersecurity threats, systemic risks arising from technological concentration, and the exclusion of individuals with limited digital access.

Furthermore, the Governor shared several initiatives being developed by the central bank in the field of emerging technologies. He highlighted the approval of the Digital Transformation Strategy 2025-2027, the establishment of a task force dedicated to artificial intelligence, and the approval this year of the Artificial Intelligence Policy, which sets out guiding principles to ensure that the technology is used safely, transparently, and responsibly. This approach builds on the experience gained through financial innovation initiatives such as the Regulatory Sandbox, which has enabled innovative financial solutions to be tested in a controlled environment, as well as through the development of digital tools such as Banco de Moçambique's chatbot.

Concluding his address, Rogério Zandamela underscored that Banco de Moçambique will remain committed to engaging with the financial sector, academia, innovators, and society at large. He expressed his hope that the Bank's Scientific Seminar would continue to serve as an open and productive forum for reflection, capable of generating knowledge that contributes to the future development of the country's financial system.

The keynote speaker, Emely Pujólli da Silva, lecturer and researcher at the State University of Campinas, Brazil, shared her extensive expertise in AI-related studies, as well as findings from research applied to the financial sector, highlighting both the opportunities and risks associated with these technologies.

This year's edition, the most competitive to date, attracted 81 research submissions. The jury selected three papers: "The Use of Artificial Intelligence for Automation and Vulnerability Analysis in Legacy Financial Systems", co-authored by Grácio Kabongo and Harmónico Augusto; "Artificial Intelligence in Fraud Prevention and the Promotion of Financial Stability in Mozambique: Regulatory Risks and Opportunities", authored by Lucrécio Matuta, a Banco de Moçambique staff member; and "An Artificial Intelligence Model for the Financial System: Regulation and Intelligent Risk Management in Mozambique", co-authored by Izidine Jaime and Lúcia Macuácua.

Speaking at the closing session, Jamal Omar, Board Member responsible for Banking Operations, Currency Issuance and Payment Systems Oversight at Banco de Moçambique, who moderated the debate and presented certificates to the authors, announced the theme selected for the 18th Scientific Seminar, to be held next year: "The Resource Concentration Dilemma: Strategies for Mitigating the Resource Curse Risk in Mozambique."

According to the Board Member, the selection of this theme is justified by its potential to stimulate reflection on the exploitation of Mozambique's natural resources, particularly natural gas, as a historic opportunity for the country's development.

In attendance at the event were members of the Bank's Board of Directors and advisers, senior officials and representatives of public institutions, academics and research centres, credit institutions and financial companies, as well as Banco de Moçambique managers and staff members.