African startups leverages on AI for growth by utilizing its capabilities to resolve continent-specific challenges like customer service optimization, healthcare, agriculture, finance, and logistics including using AI for predictive analytics, fraud detection, market analysis, and personalized experiences, allowing a wider audience, participation, and improve operational efficiency, particularly in regions with limited infrastructure or access to traditional services.
The global AI industry has witnessed exponential growth, with the number of AI startups doubling over the past five years. According to PitchBook trends on VC funding in 2023 alone, AI startups attracted over $50 billion in venture capital funding, underscoring the sector’s burgeoning potential. “As of 2024, the global AI market is expected to reach $500 billion with over 10,000 AI startups and an annual investment exceeding $100 billion.” This rapid expansion reflects AI’s transformative capabilities across various industries, positioning it as a cornerstone of future innovation and economic development.
African Startups like Ubenwa Health, Aerobatics PTY Ltd., Instadeep, Sama, Curacel, DataProphet, Trucki, Affectiva, Aibanc, AIfluence, Mini, Clevva, Moniepoint, and a host of others are obviously trending with the effective appreciation of AI to coordinate, monitor and spearhead their various niche.
AI significantly impacts Moniepoint by enabling advanced fraud detection, improved customer service through personalized recommendations, streamlined operations through automation, and more accurate credit risk assessment, allowing the fintech company to better serve its customers and manage its operations efficiently, particularly in the African market where access to traditional banking services can be limited; essentially, AI is a key tool for Moniepoint to scale its services and reach a wider customer base with enhanced security and personalized financial solutions.
