Africa Must Develop Homegrown AI To Accelerate Sustainable Development – Popoola

The Managing Director and Chief Executive Officer of CRC Credit Bureau Limited, Dr. Tunde Popoola, has urged African countries to develop homegrown artificial intelligence (AI) solutions to address the continent’s development challenges, expand financial inclusion and accelerate sustainable economic growth.

Popoola said Africa must move beyond being a consumer of AI technologies developed elsewhere and invest in solutions tailored to its economic realities, institutional needs and infrastructure challenges.

He made the call while delivering the keynote address at the maiden international academic conference organised by the Department of Finance, Faculty of Management Sciences, University of Ilorin.

The conference was themed: “Artificial Intelligence, Finance and the Path to Sustainability in Emerging and Developing Countries.”

Popoola identified poverty, climate change, energy deficits, infrastructure gaps, financial exclusion and weak institutions as major obstacles to sustainable development across emerging economies.

He noted that many developing countries remained far from achieving the Sustainable Development Goals (SDGs), making innovative and scalable approaches increasingly necessary.

According to him, finance is central to sustainable development because it mobilises savings, directs capital towards productive investments, manages risks and supports innovation.

However, he said limited access to credit and inadequate financial infrastructure continued to constrain economic progress in many developing countries.

Popoola cited estimates indicating that achieving the SDGs requires between $5.4 trillion and $6.4 trillion in annual financing globally, underscoring the need for more efficient ways to mobilise and allocate financial resources.

He described AI as a tool that could improve financial decision-making through advanced data analytics, strengthen credit assessments and enhance fraud detection.

He explained that the technology could also help address persistent challenges associated with inadequate data, weak institutions and infrastructure financing deficits.

Popoola noted that financial institutions were increasingly deploying AI in customer service, risk management, credit scoring and fraud prevention.

He cited CRC Credit Bureau’s predictive credit analytics and customer profiling solutions as examples of how technology could support responsible lending by helping financial institutions assess borrowers and make better-informed credit decisions.

On financial inclusion, he said AI-powered services could extend access to formal financial systems to millions of unbanked and underserved people through mobile money, digital lending, alternative credit scoring and embedded finance.

He said expanding access to financial services would help small businesses obtain credit, create jobs, reduce poverty and stimulate economic growth across Africa.

Beyond the financial sector, Popoola said AI could improve development project evaluation, strengthen transparency, support climate adaptation and enhance public financial management.

He added that the technology could help governments combat corruption by improving the efficiency and accountability of financial management systems.

Despite its potential, he cautioned that the unregulated deployment of AI could expose individuals and institutions to privacy violations, cybersecurity threats and ethical challenges.

He, therefore, called for responsible regulation, effective governance frameworks and robust safeguards to ensure that AI technologies are deployed in ways that benefit society and support sustainable development.

Popoola also cited estimates that generative AI could contribute between $61 billion and $103 billion annually to Africa’s economy if deployed at scale.

He challenged universities, research institutions, policymakers, regulators and industry leaders to collaborate in developing AI applications that respond to the continent’s specific needs.

He said stronger collaboration among these stakeholders would be essential to building local expertise, advancing financial innovation and ensuring that Africa captures greater economic value from emerging technologies.