CRC has called on African countries to take the lead in harnessing artificial intelligence to drive financial innovation and accelerate economic development, stressing the need for the continent to embrace emerging technologies to strengthen its financial systems and expand access to economic opportunities.
The organisation said artificial intelligence presents significant opportunities for transforming the financial services sector through improved data analysis, automated transactions, enhanced risk assessment and more efficient delivery of financial products. It noted that African financial institutions could leverage AI powered solutions to address longstanding challenges, including financial exclusion, limited access to credit and inefficiencies in financial service delivery.
CRC further emphasised the importance of developing homegrown technological solutions capable of addressing the continent’s peculiar economic and financial challenges, rather than relying exclusively on innovations developed outside Africa. It also highlighted the need for investment in digital infrastructure, research, skilled manpower and responsible AI adoption to ensure that the benefits of technological advancement reach businesses, individuals and underserved communities.
The organisation maintained that stronger collaboration among governments, financial institutions, technology companies, investors and research institutions would be essential to positioning Africa as a major player in the global AI driven financial ecosystem. It urged stakeholders to embrace innovation, strengthen regulatory frameworks and promote responsible deployment of artificial intelligence as part of broader efforts to stimulate inclusive growth and sustainable development across the continent.