Here’s how much Africa could add to its economy by extending AI to its financial services

The COVID-19 pandemic has not only changed the way we live but has also accelerated the need for technology in our everyday lives. Artificial Intelligence (AI) has emerged as a key player in driving the global economy forward. A report by PwC last year revealed that AI could potentially grow by a staggering $15 trillion by the year 2030. This growth presents a significant opportunity for Africa to tap into and make its mark in the AI space. To delve deeper into Africa's potential role in the AI revolution, Muhtari Adanan, a Partner at Xecced Ventures & Xecced LLP, joined CNBC Africa for a riveting discussion. Adanan shed light on the intrinsic advantages that Africa possesses and the steps needed to harness its potential." Africa stands at a pivotal juncture where it can add up to half a trillion dollars to its economy by 2030 if it leverages AI effectively. Adanan suggested that extending AI to various sectors like financial services and mining could potentially create a wealth of opportunities for the continent. With a population of 1.3 billion people, Africa holds a vast amount of data that can be harnessed to train AI algorithms. However, Adanan warned that if Africa falls behind in AI adoption, its firms could face stiff competition from more advanced economies. He cited a study by Oxford University, which highlighted the risk of automation posing a threat to jobs in countries like Ethiopia. Hence, adopting AI is not just an opportunity for Africa but also a pressing challenge that must be addressed proactively.