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TECHNOLOGY experts at the Africa Tech Alliance Forum (AfriTECH 4.0) held in Lagos recently, highlighted the transformative potentials of blockchain and AI in positioning Africa as a global technology leader.
Mr Kashifu Inuwa Abdullahi, the Director-General of the National Information Technology Development Agency (NITDA), in his keynote address, entitled, “Blockchain Technology & AI: Positioning Africa for the Future,” emphasised Africa’s unique position to leverage these technologies for economic and social development.
With mobile penetration at about 80 percent and a rapidly growing youth population, Africa, he noted, is fertile ground for digital transformation, noting that Blockchain and AI offer unparalleled opportunities to propel Africa into the future as a leader in the global digital economy.
“Both blockchain and artificial intelligence are powerful technologies that offer Africa unprecedented opportunities. By strategically integrating these technologies, we can propel Africa forward as a dynamic leader in the global digital economy,” he said.
Abdullahi, who was represented at the event by Mrs. Rita Shoremi, Head, Startup Innovations and IT solutions, NITDA, South West Zone, outlined the potential of blockchain to address challenges in financial inclusion, governance, and property rights across the continent, arguing that with over 57 percent of Africans unbanked, blockchain can extend financial services to underserved regions, adding an estimated $300 billion to Africa’s GDP by 2025.
“Africa stands at a unique juncture. Our continent has seen remarkable digital growth, with mobile phone penetration reaching 80% across sub-Saharan Africa according to a World Bank, 2022 report.
“Africa is also home to one of the world’s fastest-growing youth populations, over 60% of whom are under the age of 25 by a UN Population Data of 2022. These dynamics offer a fertile ground for digital transformation, and emerging technologies like blockchain and AI have the potentials to redefine key sectors that fuel Africa’s economy,” Abdullahi stated.
In his presentation entitled “Navigating the Future of Technology in Africa: The Intersection of AI, Blockchain, Cryptocurrency and Cybersecurity,” Dr. Obadare Peter Adewale, the chief visionary officer, Digital Encode Limited, examined adoption trends, industry impact, and the key challenges across these technologies.
Taking an overview of Emerging Technologies in Africa, Obadare, who was represented by Oluwakayode Olatunji, CISO and Group Head of Information Security at Digital Encode Limited stated that Africa’s digital transformation is accelerating in key sectors like fintech, health tech, and agritech that are adopting cutting-edge technologies such as AI, blockchain, and cryptocurrencies.
According to him, whereas mobile penetration, cloud computing, and increasing internet access are driving the growth of these technologies, these innovations come with risks and threats associated with cyberattacks, fraud, and data breaches and cautioned that a robust cybersecurity framework is crucial for sustainable digital transformation.
On his part, Mr. Biram Fall, the Regional General Manager, QNET Sub-Saharan Africa, said that with over 350 million unbanked adults, there is a significant potential of financial inclusion and digital solutions for Africa and a vast opportunity to expand access to financial security, event through electronic commerce (eCommerce).
Speaking as a lead presenter at the AfriTECH 4.0, Mr Fall stated that financial inclusion transforms lives by providing essential financial tools like savings accounts, credit, and insurance, which foster economic independence.
Highlighting the importance of the Forum’s theme, “Harnessing Fintech Solutions for Financial Inclusion & eCommerce Growth,” he said”: “The demand for financial inclusion aligns with a projected $75 billion e-commerce market in Africa by 2025, driven by rising internet access and smartphone adoption. However, limited banking infrastructure and high cash dependency hinder digital engagement,” he said.
Professor Ibrahim Adeyanju, the Managing Director/Chief Executive Officer of Galaxy Backbone, underscored the importance of building sustainable digital infrastructure to fuel Africa’s economic transformation.
Presenting a paper entitled, Building Digital Infrastructure for a Sustainable Digital Economy, through a representative, Mr. Nnamdi Onoh, Field Service Engineer at Galaxy Backbone, Adeyanju noted that technology has the potential to redefine Africa’s economic trajectory and that at Galaxy Backbone, they are dedicated to building the foundational digital infrastructure that supports this vision.
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