AI Could Add $103 Billion to Africa's Economy
CRC Credit Bureau CEO Tunde Popoola says artificial intelligence could boost growth and financial inclusion across the continent.
Updated on Nov. 4, 2026 in Artificial Intelligence
Live Poll
Do you trust AI to make loans and mobile payments fairer for you?
Dr Tunde Popoola, Managing Director and CEO of CRC Credit Bureau, said artificial intelligence could contribute up to $103 billion to Africa's economy. He made the remarks at the maiden international academic conference organised by the Department of Finance at the University of Ilorin.
Why it matters
Popoola's projection points to AI as a potential driver of sustainable development and broader access to financial services across Africa. Realizing those gains will depend on investment in digital infrastructure, local expertise, and responsible AI regulation.
The figure is a projection presented by a financial services executive rather than an audited estimate, and the source provided no timeframe or baseline. The methodology behind the $103 billion estimate has not been disclosed.
The players
Tunde Popoola
Managing Director and CEO of CRC Credit Bureau, a Nigerian credit reporting firm, who has spoken publicly on fintech and data-driven lending in Africa.
CRC Credit Bureau
A credit reporting agency operating in Nigeria that collects and shares consumer and business credit data with lenders.
University of Ilorin
A federal public university in Ilorin, Kwara State, Nigeria, which hosted the conference.
The details
Popoola said AI could strengthen credit assessment, improve fraud detection, and support better lending decisions through advanced data analytics. He also said AI could expand access to financial services for underserved populations through mobile money, digital lending, and alternative credit scoring.
Timeline
Maiden international academic conference organised by the Department of Finance at the University of Ilorin, date not specified.
The Tech Race
Popoola's projection extends the mobile-money-led financial inclusion model that M-Pesa pioneered in Kenya into AI-driven credit scoring and lending. It positions AI as the next layer on digital payment rails that already reach many unbanked Africans.
For people across Africa, AI-driven credit scoring could change who qualifies for loans, potentially reaching customers who lack traditional credit histories. Fraud detection improvements could also affect how safely people can use digital lending and mobile money services.
The takeaway
AI-driven credit tools may widen access to financial services, but the projected gains depend on infrastructure and regulation. Readers following digital finance should watch how lenders disclose how alternative credit scores are built.
Further reading
Explore more in Artificial Intelligence for context on how AI is reshaping finance and lending.
Source note: This article includes information reported by Diaspora Digital Media (DDM News) - Nigeria Breaking News, Africa and World News and Updates -.
Live Poll
Do you trust AI to make loans and mobile payments fairer for you?
