Finance professionals urged to prioritize ethics in AI adoption

KAMPALA, Uganda — Uganda’s finance sector has been advised to prioritize ethical considerations when adopting Artificial Intelligence (AI) tools to ensure sustainable long-term value.

Speaking at the ACCA Uganda Members’ Convention 2024, experts warned that AI’s impact on jobs will be significant, with repetitive tasks most vulnerable.

“Accountants doing basic tasks are in danger,” said Collin Babirukamu, Director of E-government Services at NITA-U. “AI is not emotional. If an employer chooses between you and an AI that doesn’t sleep, fall sick, or eat, who would they choose?”

Babirukamu emphasized the importance of reskilling, citing data analysis and fraud detection as key areas where AI can assist.

Emmanuel Mugabi, General Manager-Managed Services at Centenary Technology Services, highlighted concerns around data privacy, stressing the need for assessments before onboarding AI tools.

Godfrey Sserwamukoko, General Manager at Radio Data Centre-Uganda, discussed data infrastructure availability and sustainability, noting that AI’s reliability hinges on robust data centers.

Joel Muhumuza, CEO of flyhub, shared his company’s approach to balancing efficiency with customer needs, retraining staff as relationship managers.

Hussein Isingoma, Commissioner of Forensics and Risk Management at the Ministry of Finance, emphasized building trust in AI tools, citing the need for finance professionals to understand AI’s ecosystem, roles, concerns, and applications.

“Goldman Sachs estimates AI can replace 300 million jobs or 28% of the U.S. workforce. As finance professionals, we must prepare,” Isingoma warned.