Rise of AI: Allaying the fears & embracing the future

A report by PwC expects the adoption of Artificial Intelligence in Africa to expand the continent's economy by about 1.5 trillion dollars by 2030, if Africa can capture 10 per cent of the fastest growing AI market. With a few African countries dominating the AI market, what are the prospects and trends to keep tabs on? Esigie Aguele, the CEO of VerifyMe Nigeria, joins CNBC Africa for this discussion.

Fri, 17 Mar 2023 11:55:04 GMT

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AI Generated Summary

AI adoption in Africa could expand the continent's economy by $1.5 trillion by 2030, capturing 10% of the fastest-growing market.
AI technologies hold immense potential in transforming financial markets and enhancing credit assessment processes.
AI presents opportunities for African developers to enhance their skills, contribute to economic growth, and drive innovation across various sectors.

Artificial Intelligence (AI) has become a buzzword in today's tech-driven world, with its potential to revolutionize industries and economies. A recent report by PwC has shed light on the massive economic benefits that Africa could reap from the adoption of AI. The report projects that AI adoption in Africa could expand the continent's economy by a staggering $1.5 trillion by 2030, provided Africa can capture 10 per cent of the fastest-growing AI market. Esigie Aguele, the CEO of VerifyMe Nigeria, delved into the prospects and trends of AI in Africa in a recent interview with CNBC Africa. Aguele highlighted the significant role that AI could play in transforming various sectors of the African economy, particularly in the realm of finance. With the advent of AI-powered predictive analytics products, financial markets stand to benefit from enhanced credit assessment processes, potentially unlocking a market with a lending gap of around $120 billion. The integration of AI technologies, such as augmented AI and facial recognition, also holds immense potential in revolutionizing processes and business operations, particularly in the KYC and identity verification space. Aguele emphasized the importance of leveraging AI to drive innovation and solve pressing challenges faced by the African community. He underscored the need for increased funding and collaboration to support organizations utilizing AI to address societal issues and drive economic growth. Moreover, Aguele addressed concerns surrounding AI's impact on employment, asserting that AI has the potential to enhance human intelligence and competitiveness, rather than posing a threat to jobs. He highlighted the opportunity for African developers and engineers to leverage AI technology to bolster their skills and capabilities, ultimately contributing to economic development. Looking ahead, Aguele discussed the potential application of AI in transforming electoral processes in Nigeria. While AI can offer predictive analytics to enhance election monitoring and analysis, Aguele noted that the integrity of the voting process should remain a priority. Overall, the conversation with Esigie Aguele revealed the vast potential of AI to drive innovation, economic growth, and societal development in Africa. As the continent continues to embrace AI technologies, there is a wealth of opportunities waiting to be unlocked, paving the way for a brighter and more prosperous future.