Mastercard has released an insightful whitepaper discussing Africa’s readiness and opportunities for responsible artificial intelligence (AI) adoption. This report, titled Harnessing the Transformative Power of AI in Africa, provides a roadmap for how AI can significantly impact various industries across the continent, such as agriculture, healthcare, education, energy, and finance.
In detail, the paper highlights AI’s potential to improve digital infrastructure, governance, and research and development, alongside promoting local language processing. It emphasizes investment in Africa, projecting a surge that could yield up to 230 million digital jobs by 2030, according to an IFC report.
Key Findings from the Report
The report outlines some exciting trends regarding investment in AI across Africa. With tech giants like Google committing $1 billion to digital transformation initiatives, it is evident that the continent is becoming a focal point for innovation. Moreover, over 1,000 languages are spoken across Africa, making AI-driven Natural Language Processing (NLP) essential for fostering inclusivity in technology.
South Africa, for example, has attracted $610 million in AI-focused venture capital in 2023, indicating a robust ecosystem poised for growth. The country’s total AI investment is projected to reach an impressive $3.7 billion by 2030, highlighting the significant economic potential of artificial intelligence.
Meanwhile, Kenya is leveraging its “Silicon Savannah” status to effectively integrate AI into various sectors. Platforms like Tala utilize mobile data for credit scoring, while Jacaranda Health has developed UlizaLlama, an AI-powered chatbot that provides maternal health support in five local languages. This approach ensures that healthcare becomes more accessible and responsive to the local population.
Nigeria, on the other hand, showcases the versatility of AI through applications like personalized learning platforms (Rising Academies), microfinance solutions (Kudi.ai), and governance oversight tools that assist in monitoring public fund allocation. These initiatives demonstrate how technology can not only support economic growth but also enhance social welfare in impactful ways.
Read: Mastercard Foundation Pulls Out Of Its $100M Commitment To Top African VC Firm
Mastercard’s Role in Africa
Mastercard has increasingly established a strong presence in Africa, signaling its commitment to the continent’s economic future. In January, the company announced the opening of its first office in Ghana, aiming to bolster its operations in West Africa. This expansion reflects Mastercard’s strategy to engage with local markets and contribute to financial evolution across the region.
With offices currently in key cities such as Cairo, Casablanca, Johannesburg, Lagos, Nairobi, and Mauritius, Mastercard has made significant strides in building partnerships with local businesses and fintech startups. Initiatives like the Absa Fintech and Agritech Support Program highlight its focus on improving financial inclusion, driving economic empowerment, and ensuring sustainable growth throughout the continent.
Image: Emmanuel Ikwuegbu