ZIMBABWEAN compliance officers have urged the swift establishment of clear regulatory frameworks and strong internal governance to guide the responsible adoption of artificial intelligence (AI) in the banking sector, warning that while AI presents vast opportunities, it also carries serious risks.
The call was made during a panel discussion at the Institute of Bankers of Zimbabwe’s annual summer conference in Cape Town, where professionals shared insights on integrating AI into anti-money laundering (AML) and counter-financing of terrorism (CFT) systems.
Vongai Bayiwa, head of compliance at TN CyberTech Bank, said the pace of technological change was both exciting and intimidating for financial institutions.
“As officers, we are also scared with the evolution of technology, adoption of AI, but it's no secret that we have to catch up,” she said.
Bayiwa noted that AI tools were already being used for digital onboarding, facial recognition and adverse media screening.
However, she raised concerns about data privacy and human rights.
“I think one of the most important human rights that we have as humans is our right to dignity and our right to privacy,” Bayiwa said.
While commending the enactment of the Cyber and Data Protection Act, she stressed the need for complementary policies to specifically regulate AI.
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“There is need for our government to introduce policies to have a legislative framework that also looks into AI,” she said.
Cabinet recently approved the National Artificial Intelligence Strategy (2026–2030), marking a key step towards embedding AI within Zimbabwe’s national development framework.
Echoing similar sentiments, Sharon Katsande, an AML and CFT analyst at BancABC, said strong governance must underpin any AI deployment.
“I think first and foremost, as an organisation, we need to look at governance and accountability. We need to have board-approved policies and procedures,” Katsande said, adding that data quality and audit trails were critical to ensuring that AI models remain effective and compliant.
From an operational standpoint, AFC compliance manager Jacqueline Chikwanha explained that AI was helping streamline processes by filtering low-risk alerts, enabling analysts to focus on high-risk transactions.
However, she cautioned against overreliance on machines.
“A machine can just say it is suspicious. But you know that it is tobacco season. This is where the human person comes in to provide context,” Chikwanha said.
She emphasised that ultimate accountability still rests with human officers.
“You will get a letter from the regulator to say, hey, how is your system working? You can't then say, the algorithm did it,” Chikwanha said.
Gugulethu Ndlela, a compliance and monitoring specialist at NMB, outlined significant challenges, including “resistance to change,” “lack of expertise,” and “budgetary constraints”.
On the regulatory front, she pointed to “complex and ambiguous” rules and a “conservative” regulator.
“So many innovations have actually died because the regulator didn't give us an approval,” Ndlela said.
The panel concluded that a collaborative future was essential.
Ndlela called for public-private partnerships specifically focused on AI, similar to existing initiatives on cryptocurrency, to help shape a secure and innovative banking environment for Zimbabwe.
The conference ran under the theme “Navigating the Bank of the Future, Today”.
