Popoola: Africa Must Embrace AI to Drive Economic Transformation

Kayode Tokede The Managing Director/CEO of CRC Credit Bureau Limited, Dr. ‘Tunde Popoola, has called on African governments, financial institutions, academia, researchers, and policymakers to embrace Artificial Intelligence (AI) as a strategic tool for economic transformation, sustainable development, and financial inclusion.. 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 highlighted the sustainability challenges confronting emerging economies, including poverty, climate change, energy deficits, infrastructure gaps, financial exclusion, and weak institutions. He noted that many developing countries remain far from achieving the Sustainable Development Goals, which makes innovative and scalable solutions increasingly important. He explained that finance is central to sustainable development because it mobilises savings, allocates capital, manages risks, and promotes innovation. However, limited access to credit and inadequate financial infrastructure continue to hamper progress, and he cited estimates that achieving the SDGs requires between $5.4 trillion and $6.4 trillion in annual financing globally. Describing AI as a new development equation, he explained that it enables smarter decision-making through advanced data analytics, improves credit assessment, and enhances fraud detection. He added that AI can help address long-standing challenges such as inadequate data, weak institutions, and infrastructure financing deficits. He pointed to global and local financial institutions already using AI for customer service, risk management, credit scoring, and fraud prevention, and he referenced CRC Credit Bureau’s own predictive credit analytics and customer profiling solutions, which support responsible lending and broader access to credit.