The role of AI in driving business growth in Africa

Africa is currently at the dawn of the digital age, where artificial intelligence (AI) is proving to be a crucial catalyst for business innovation and growth. In a recent interview with CNBC Africa, Kola Aina, Founding Partner at Ventures Platform, shared insights on the role of AI in driving business growth in Africa. Aina highlighted the significance of AI in reshaping the African startup ecosystem, especially in the wake of a challenging year marked by funding uncertainties and the need for greater resilience. With notable success stories such as the emergence of unicorn MoneyPoint and the substantial fundraising by Lemfi, it is evident that companies in Africa are embracing AI as a key driver of competitiveness and sustainability. Aina emphasized the importance of companies across the continent adopting an AI-enabled strategy to remain relevant and competitive in the rapidly evolving business landscape. Whether as AI core companies, AI first companies, or AI-enabled companies, integrating AI into business models is no longer a choice but a necessity for long-term growth and success. Aina also touched on the innovative use of AI by African companies like Lengo AI and Canteen AI to enhance distribution, marketing, and customer service operations. He underscored Africa's potential to leverage its abundant and cost-effective sources of energy, such as solar and wind power, to drive AI innovation and growth. Furthermore, Aina addressed the need for more climate-resilient business models in Africa, acknowledging the progress made by companies like Thrive Agric and Fez in investing in sustainable agriculture and transitioning to electric vehicles. He emphasized the importance of policy harmonization, increased investment flows, and enhanced technical competence to accelerate the adoption of climate-resilient practices across the continent. In conclusion, Aina reiterated the transformative power of AI and emphasized that it is not merely a passing trend but a permanent feature that every company and country must integrate into their strategies to thrive in the digital era.