Moza Banco has defended the use of Artificial Intelligence (AI) to make it easier to stop the various types of fraud that occur in the financial system.

The bank's position was defended by Mauro Litsure, a technician from Moza's Innovation and Transformation Office, during the sixth edition of Fintech, which took place recently in Maputo.

Litsure addressed topics related to Digital Payments and Cross-Sector Connections: Open Banking, Interoperability, Fast Payments and Omnichannel Platforms.

For the expert, AI can analyze thousands of transactions per second and identify suspicious behavior, such as unusual access attempts or unusual purchase patterns.

"Based on this assessment, it is possible to block fraud almost instantly, protecting both the customer and the financial institution," he said.

The source believes that through AI, financial institutions will be increasingly prepared to personalize and individualize their products and services, taking into account the reality of each client.

On that occasion, Moza's technician spoke about the state of digital evolution of financial services in Mozambique, focusing on the topic of Open Banking.

He said that Open Banking is a new concept in our market. "In terms of application, we're still at an embryonic stage, but it could bring some democratization in terms of access to financial services."

During his speech, he also pointed out that Mozambique continues to make strong use of the traditional cash payment model. "However, digital services need to demonstrate their advantages without creating barriers for users," said Litsure.

The Chairman of Moza's Executive Committee, Manuel Soares, believes that "debates on innovation and digital transformation are important in the national financial sphere, especially in this historic period in which the advent of new technologies, especially AI, is considerably changing the modus operandi of bankers".

It should be noted that the topic of AI has been widely debated at Moza Banco, especially at a time when the Bank is firmly pursuing the introduction of new operability mechanisms aimed at improving the customer experience even more.

Moza believes that only in this way can the customer and the Bank Win Together.