by Tech Talk | Mar 15, 2024 | News
The Southern African Institute of Government Auditors (SAIGA) recognises and supports the annual celebration of World Consumer Rights Day on March 15. This global event aims to raise awareness about consumer rights and needs, and is aligned with SAIGA’s commitment to promoting good governance and accountability.
The theme for World Consumer Rights Day 2024, “Fair and Responsible AI for Consumers,” is particularly relevant in the contemporary era where artificial intelligence (AI) is increasingly shaping products and services. As AI becomes more prevalent in various industries, it is essential to ensure that it is developed and used ethically, respecting the rights and needs of consumers.
SAIGA emphasises the importance of ethical artificial intelligence (AI), as it can have a significant impact on consumer rights. AI has the potential to transform the way businesses interact with consumers, from personalised recommendations to automated customer service. However, there are concerns about the potential misuse of AI, such as bias in algorithmic decision-making, privacy violations and lack of transparency in AI systems.
In the context of consumer rights, the Chief Executive Officer of SAIGA, Russel Morena speaking on the sidelines of the SAIGA Audit and Finance Indaba, which took place at the Investec Pretoria Office on Friday said that there are several key principles that should guide the development and use of AI. Firstly, he said AI systems should be designed to ensure fairness and non-discrimination, avoiding bias in decision-making processes. This is especially important in areas such as credit scoring, hiring processes, and criminal justice, where AI systems can amplify existing inequalities.
Secondly, Mr Morena said consumer privacy should be safeguarded in the use of AI. As AI systems often rely on large amounts of personal data, there is a risk of privacy violations if proper safeguards are not in place. Consumers should have control over their personal data and be informed about how it is being used in AI systems.
Transparency is another essential principle for ethical AI. Consumers should be able to understand how AI systems make decisions that affect them and have access to information about the use of AI in products and services. This transparency is crucial for building trust and accountability in the use of AI.
“SAIGA also recognises the need for responsible AI governance, which involves setting clear standards and guidelines for the development and use of AI. This should involve collaboration between governments, industry, and civil society to ensure that AI is used in a way that benefits consumers and society as a whole,” said Morena.
In summary, World Consumer Rights Day serves as an important reminder of the need to prioritise consumer rights in the development and use of AI. SAIGA supports the theme of “Fair and Responsible AI for Consumers” and advocates for ethical AI that respects consumer rights.
“By upholding principles of fairness, privacy, transparency and responsible governance, AI can be a force for positive change that benefits consumers and society,” Morena concluded.
by Tech Talk | Mar 12, 2024 | Articles
The Southern African Institute of Government Auditors’ (SAIGA) inaugural Audit and Finance Indaba is an important event for auditors and finance professionals in South Africa. Themed ‘The Era of Big Data and Cybercrime’, this year’s Indaba reflects the growing importance of these two factors in the field of auditing and finance.
As the industry professionals count down the days to the Indaba, which is scheduled to take place at the Investec Pretoria Office on Friday, 15 March 2024, the SAIGA Chief Executive Officer, Russel Morena, writes about the risks, changes as well as the opportunities presented by big data and cybercrime in the field of auditing and finance in South Africa.
Big data has become a significant factor in the field of auditing and finance in recent years. With the advent of technology, companies and organisations are generating a huge amount of data every day. This data can be used to make informed financial decisions and to identify potential risks and opportunities. Auditors can use big data to improve the accuracy and effectiveness of their audits, leading to better financial governance and decision-making.
However, with the rise of big data, the risk of cybercrime has also increased. Cybercrime poses a significant threat to the financial and auditing sector in South Africa. Cybercriminals can steal sensitive financial information, disrupt financial systems, and even manipulate data for their own gain. Auditors and finance professionals need to be aware of these threats and take steps to protect their data and systems from cyber attacks.
The Indaba will present several opportunities for auditors, accountants and the finance sector professionals in South Africa. Firstly, it will provide an opportunity for them to learn about the latest developments in big data and cybercrime and how these factors are impacting the field of auditing and finance. They can gain insights into best practices for using big data in their audits and learn about the latest strategies for dealing with cybercrime.
Secondly, the theme also presents an opportunity for auditors and finance professionals to network with their peers and experts in the field. By exchanging ideas and experiences, they can gain a better understanding of how other professionals are using big data and combating cybercrime in their work. This can lead to valuable collaborations and partnerships that can benefit the entire industry.
Finally, the theme of the event will also provide an opportunity for auditors and finance professionals to showcase their own work and research in the field of big data and cybercrime. They can present their own strategies and solutions for using big data in audits and for protecting financial systems from cyber attacks. This can help to raise awareness of the importance of these factors in the industry and encourage more professionals to take them seriously.
The Institute has lined up high-profile speakers, who include Accountant General of South Africa and keynote speaker Shabeer Khan, Phillip Rakgwale, the Chief Audit Executive (Acting) City of Ekurhuleni, SAIPA Executive Prof Rashied Small, Accounting Standard Board CEO Jeanine Poggiolini, Sunday Times Deputy Editor Makhudu Sefara, Omar Kadwa, the Director at SNG Thornton and the CEO of IRBA, Imre Nagy, among others.
Rakgwale will give a presentation on ‘Emerging trends on public sector audits in the past three years (2021-2023) both PFMA and MFMA’ while Nagy, will speak about the journey of rotational audits in South Africa: challenges & success stories.
In conclusion, the theme of The Era of Big Data and Cybercrime at the SAIGA Inaugural Audit and Finance Indaba presents significant changes and opportunities for auditors and finance professionals in South Africa. By embracing big data and addressing the challenges of cybercrime, they can improve the effectiveness and accuracy of their audits and financial decision making. This event provides a valuable platform for them to learn from experts, network with their peers, and showcase their own work in this important and evolving field.
by Tech Talk | Feb 27, 2024 | Articles
In today’s digital age, the media and communication industry in South Africa is experiencing a major transformation, thanks to the rise of big data. Big data has become a game-changer for the industry, offering unprecedented opportunities to understand audience behaviour, personalise content, and optimise advertising strategies.
From audience insights to targeted advertising, the possibilities of big data are endless. Media and Communication Enthusiast, Andile April writes about how big data is shaking up the South African media and communication industry.
The media and communication industry in South Africa has long been known for its diverse and dynamic nature, with a wide range of print, broadcast, and digital platforms catering to the needs and interests of different demographic groups. However, the industry has faced challenges in understanding and engaging with its audience on a deeper level.
Enter big data. With the help of advanced analytics and data mining techniques, media companies in South Africa are now able to gather and analyse massive amounts of information about their audience’s preferences, habits, and interactions with content. This wealth of data is invaluable for understanding what content resonates with the audience, which platforms they prefer, and how they engage with advertising.
One of the most significant impacts of big data in the South African media and communication industry is the ability to personalise content and recommendations for the audience. By leveraging the power of data analytics, media companies can create targeted content that is tailored to the specific interests and preferences of their audience segments. This not only enhances the audience’s experience but also increases engagement and loyalty.
Further, big data has revolutionised advertising in the media and communication industry. With the ability to accurately target and measure the effectiveness of advertising campaigns, media companies can now offer highly targeted and relevant advertising opportunities to their clients. This not only benefits advertisers by reaching the right audience but also helps media companies maximise their advertising revenue.
In addition to content personalisation and advertising optimisation, big data is also being used to improve operational efficiency within media companies. From optimising distribution channels to streamlining production processes, data-driven insights are helping media companies make more informed and strategic decisions to enhance their overall performance.
However, as with any revolutionary technology, the adoption of big data in the South African media and communication industry also presents challenges. Data privacy and security issues are at the forefront, as media companies must navigate the ethical and legal implications of collecting and utilising consumer data.
Moreover, the industry must also address the skills gap in data analytics and management. To fully harness the potential of big data, media companies need skilled professionals who can effectively interpret and apply data insights to drive growth and innovation.
In conclusion, big data is undoubtedly revolutionising the South African media and communication industry. With its potential to personalise content, optimise advertising, and enhance operational efficiency, big data is empowering media companies to better understand and engage with their audience. However, as the industry continues to embrace big data, it must also address the associated challenges to ensure the responsible and ethical use of consumer data. By doing so, the South African media and communication industry can truly leverage the power of big data to drive its future growth and success.
by Tech Talk | Mar 15, 2023 | Articles
Africa is ripe for renewable energy innovation, with the adoption of wind and solar resources a key solution to addressing energy security.
According to the World Economic Forum, as of 2019, the electricity access rate was 46% with 570-million people not having access. By 2050, Africa’s population will reach 2-billion. This further shines a light on the importance of renewable energy, to not only achieve sustainability goals, but to also provide a reliable and crucial source of energy for millions across the rapidly growing continent.
However, cross-border payments are traditionally slow, and costly, and hinder growth for the renewable energy sector. How can cutting-edge technology impact such an important industry in today’s climate?
Understanding Africa’s potential
According to data from Energy, Capital & Power, Africa has an estimated 10 terawatts of solar capacity, 350 gigawatts of hydro power, and 110 gigawatts of wind power. Some areas are starting to adopt expansive solar facilities, such as Morocco and Egypt, but there is ample room for further renewable energy resources to be put in place in other markets.
Ola Oyetayo, CEO of Verto, says this makes it a crucial sector to watch in emerging markets, with room for both innovation and growth. “This will require collaboration between markets, however, cross-border payments remain an issue and can hinder the development of resources and expansion across regions in need.”
He says the use of alternative payment methods, such as digital wallets, is increasing in the infrastructure industry at a compounded annual growth rate of up to 30%. “That said, the renewable energy sector seems to fall short, with the majority of cross-border payments still being made through traditional methods, such as wire transfers and cheques. Not only does this result in delays to funds landing in the recipient’s account, but transaction fees can add up quickly to make it costly and inefficient.”
Then there are also the safety risks to consider using these channels. So, what is the reason for this reluctance to catch up to more innovative payment methods, and what impact would this switch have on renewable energy businesses in emerging markets such as Africa?
Out with the old
Oyetayo believes there are several reasons why the renewable energy sector is reluctant to adopt these alternative payment methods. “Some of these include a lack of awareness, not having the appropriate technology with these capabilities, regulation concerns, and a resistance to change over concerns of interrupted operations or preference for traditional methods.
“Sticking with the traditional methods, however, may be leaving these businesses vulnerable to problems that prevent them reaching their full potential. Common issues surrounding traditional methods are the high costs associated with cross-border payments, from high transaction fees, long settlement times, and losses due to exchange rate fluctuations. There may also be the perception of digital wallets being an increased cybersecurity threat and a lack of clarity around them being a safer alternative payment method,” he explains.
Understanding the benefits of enhanced financial technology and digital payment methods such as e-wallets could be the necessary steppingstone for renewable energy companies to reach their growth goals and innovate African markets more quickly. Often, this involves a transition to a new payments provider that is not a traditional bank, but will offer the solution to the problems associated with the traditional methods.
Acceleration of digital wallets
Adoption of digital wallets is on a fast upward trajectory in emerging markets, particularly in Southeast Asia where consumer numbers are projected to reach 310 million by 2025, according to Bain & Company. This study also found that India and China accounted for 70% of the world’s 2.1 billion digital wallet users.
In comparison, it was found by McKinsey that only up to 7% of all transactions in Africa were made via digital payments, compared with 50% in Turkey. The adoption of digital wallets not only presents an opportunity for renewable energy companies to grow across the continent, but also to connect with other businesses using this payment method.
For renewable energy firms, remaining innovative with clean energy solutions to reach sustainability goals is imperative, but this needs to go hand-in-hand with innovative technology when it comes to making and receiving payments. Accessing digital financial services catered to delivering solutions to African markets provides support for business growth, an improved way of life, and ultimately, a better planet.
Opportunities for Africa’s renewable energy
According to the World Economic Forum, an estimated 60% of healthcare facilities in sub-Saharan Africa don’t have access to a reliable electricity supply. This presents a strong use case for renewable energy solutions like solar panels or wind turbines to provide a source of energy.
The use of digital wallets can improve security and flow of funds, cutting out the need to rely on cash payments, cheques, or slow bank transfers with multiple touchpoints.
There has already been attention on the growth opportunities for renewable energy from Jack Dorsey’s digital payments company, Block, and the bitcoin-focused venture firm, Stillmark, who led a $2-million seed investment into Gridless, a Kenyan-based bitcoin mining company. This investment will help open more mines across Africa. According to Gridless’ founder, Erik Hersman, the power generation and mini-grids will help solve the power access issue that roughly 600-million across Africa face.
“Evidently there is ample opportunity for renewable energy businesses to help address the issue of limited access to energy across Africa. The adoption of improved financial technology and alternative payment methods like digital wallets can bring growth opportunities for the renewable energy sector and could be transformative for people and businesses across Africa,” concludes Oyetayo.
Editor@tech-talk.co.za
by Tech Talk | Feb 27, 2023 | Articles
South Africa and Kenya are worlds apart in their embrace of information technology, but they have one thing in common: they jointly lead the African continent in having the biggest impact of cloud computing on customer experience across 7 major African markets.
This was one of the most significant findings of the final results of the Cloud in Africa 2023 study released this month by World Wide Worx, with support from F5, Red Hat, Dell Technologies, Intel and VMware. The study, based on interviews with 400 information technology decision makers in medium and large organisations across Africa, found that 63% of respondents across the continent had experienced an extremely positive impact on customer experience as a result of cloud computing. In South Africa and Kenya, that number jumped to 71%.
The two countries also shared a high impact on business growth: 51% of South African companies and 46% of those in Kenya reported strong business growth following migration to the cloud.
However, a gulf opened between the two countries when it came to the impact of cloud on innovation. In South Africa, 65% of respondents reported a high impact on innovation, while the proportion dropped to 36% in Kenya.
“Companies often move to the cloud seeking quick wins in the form of improved business efficiency or enhanced customer experience,” says Dion Harvey, regional general manager of Red Hat Sub Saharan Africa. “However, what we tend to see at Red Hat is that true value in the form of real innovation and impact on strategic goals is only realised once they have matured their thinking and approach to cloud.”
Asked what they saw as the biggest benefits of cloud computing in general, companies identified what World Wide Worx CEO Arthur Goldstuck, principal analyst on the research project, calls the cloud’s “golden quartet”: improved security, better customer experience, business efficiency and scaleability.
However, the benefits were not equally distributed. Fewer than half of South African companies, 47%, reported security as a major benefit, compared to an average of 59%. The figure leaped to 78% in Ghana and 63% in Kenya. On the other hand, South Africa led the way in seeing scalability as a benefit, at 47%, compared to an average of 41%. Nigerian companies reflected the lowest response in this regard, at only 29%.
Alain Tshal, district manager of F5 for Sub-Saharan Africa, says that these results underline the extent to which the cloud is not a one-size-fits-all proposition in Africa.
“Every country is at a different level of maturity, and that has a major impact on both immediate benefits of migration and long-term benefits of use,” he says. “South Africa has had the most extensive investment in hyperscale data centres over the past five years of any country in Africa, so it is no surprise to see that it has very different characteristics to most other markets.”
At the same time, where companies have accelerated their investment in cloud computing, the impact is immediately apparent, says Goldstuck.
“The latest findings show that Kenya had the strongest growth in cloud computing in 2022, with a huge 84% of respondents reporting increased spend, compared to an average of 62%,” he says. “South Africa saw 55% of companies increasing their spend. That is partly a consequence of spending already having been high in previous years, compared to countries like Kenya.”
Companies from Malawi, Zambia and Botswana all reported a higher level of increased spend, while Nigeria and Ghana came in just below South Africa. Expectations for 2023 flip around, however. While an overall average of 68% of companies expect to increase spending on cloud services this year, that jumps above 80% for Botswana and above 70% for South African and Nigeria. In contrast, Kenya drops to the bottom of the list this year, with 51% of companies reporting they will increase their spend.
Editor@tech-talk.co.za
