Mastercard‘s new report, “Harnessing the transformative power of AI in Africa,” presents a clear vision for how artificial intelligence (AI) can assist the continent.

AI applications are uniquely positioned to contribute to addressing significant challenges such as a lack of financial services, limited healthcare access, and infrastructure gaps.

The report predicts that Africa’s AI market will grow from $4.5 billion in 2025 to $16.5 billion by 2030. This growth is being driven by Africa’s young population, its mobile-first economy, and local AI innovations that are relevant to real-world issues.

AI solutions have the capacity to enable micro-lending platforms and financial technology innovations by analysing alternative data, such as mobile phone usage and transaction history.

For instance, through partnerships like Mastercard’s collaboration with MTN Group Fintech, AI-enabled platforms can begin to use mobile money data to provide affordable and scalable credit solutions that help individuals and small to medium-sized enterprises grow.

Millions who were once excluded can now potentially access loans, grow businesses, and build financial resilience because of deeper insights from the data already being generated.

What’s your take? How else can AI empower African fintech that works for everyone?

Read Article: Mastercard’s AI Whitepaper Unpacks The Future Of Innovation In Africa | CIO Africa