Photo: Cyrilht / Wikimedia Commons, CC BY-SA 4.0
Africa could unlock up to $103 billion in annual economic value from generative AI, but only if it builds the skills, infrastructure and safeguards needed to put the technology to work locally.
Call for African-led solutions
Dr Tunde Popoola, managing director and chief executive of Nigeria’s CRC Credit Bureau, made the case for homegrown artificial intelligence solutions during an international academic conference at the University of Ilorin.
DGBN has also reported on AI Debt Rush Raises Pressure on European Bond Markets.
He said African countries should not remain simply consumers of technology developed elsewhere, arguing that AI systems must respond to the continent’s economic conditions, institutions and infrastructure gaps.
Popoola said AI could improve credit assessments, fraud detection and financial decision-making, while helping extend formal financial services to people and small businesses that have historically been excluded from conventional banking.
The $61 billion to $103 billion estimate cited by Popoola comes from McKinsey research on the potential annual value of generative AI across Africa. The forecast is not a guaranteed windfall: it depends on stronger digital infrastructure, access to computing power and a workforce equipped to develop and use the technology.
Inclusion is the key test
For Black communities across Africa, the importance of AI will be measured less by headline valuations than by whether it broadens access to opportunity. In finance, AI-driven tools can assess creditworthiness using alternative data, potentially helping viable entrepreneurs who lack lengthy formal credit histories.
For more context, read DGBN’s coverage of Omantel Innovation Labs admits nine start-ups to eighth accelerator cohort.
CRC, which operates in Nigeria’s credit-information sector, has pointed to predictive credit analytics and customer-profiling tools as examples of technology that can support more informed lending decisions.
But wider adoption also brings serious risks. Popoola warned that poorly governed systems could create privacy breaches, cybersecurity threats and ethical failures. Automated lending and scoring systems can also reproduce unfairness if their data or design reflects existing exclusion.
Investment gap remains stark
The OECD has said Africa’s share of global AI investment remains limited, despite expanding uses for the technology in digital financial services. It found that African countries differ sharply in readiness, with gaps in data availability, technical skills and digital infrastructure affecting their ability to benefit.
That imbalance matters. African innovators require access to reliable electricity, affordable connectivity, local-language data and computing capacity if they are to build products for African consumers rather than adapt systems designed for very different markets.
Popoola called for collaboration between universities, regulators, policymakers and industry to grow local expertise and create responsible rules for AI. That approach is central to whether the continent captures a meaningful share of the economic value it creates.
Beyond technology consumption
The debate is also about digital sovereignty. AI built without African languages, experiences and public interests at its centre risks deepening dependence on foreign platforms and concentrating value outside the continent.
Related DGBN reporting includes NITDA sets ₦3bn startup investment target as Africa urged to build, not just consume tech.
The opportunity, therefore, is not only to deploy AI faster. It is to build African ownership of the data, talent, governance and businesses that will shape how the technology affects jobs, credit access and public services in the years ahead.