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Artificial intelligence (AI) could create a turning point for financial inclusion in Africa (By Lillian Barnard)

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2 years ago

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Microsoft

AI tools can analyse data from client discussions, producing legal documents in simple language and at a fraction of the cost of what it would typically take to draft a contract

SANDTON, South Africa, April 18, 2024/APO Group/ — 

By Lillian Barnard, President of Microsoft Africa (www.Microsoft.com).

It’s difficult to imagine a time before the widespread adoption of mobile technology in Africa – particularly where financial services are concerned. For millions of unbanked people, transactions were limited to cash, postal services or even the barter system. Now, in much the same way as mobile payments completely disrupted the status quo, AI has the potential to propel the fintech industry into a new era of financial inclusion. And perhaps most exciting of all is that Africa is not simply catching up with AI-powered developments, but surging ahead with innovative solutions that have considerable implications for the underbanked. 

Already, homegrown fintech companies have completely changed the way people in Africa transact, helping to reduce reliance on cash transactions.

Innovative payment solutions have revolutionised access to essential services, such that millions of people can now afford everyday necessities like airtime. In fact, research from McKinsey (https://apo-opa.co/3W55k98) has shown that these items are now available to lower-income households at up to 80 percent less of the cost associated with traditional banking players.

And when one considers that half (https://apo-opa.co/3vMMjxz) of Africa’s population is still unbanked or underbanked, we can begin to appreciate just how dramatic an impact the fintech sector has had on the very nature of financial services in Africa.

The net result in Kenya, for example, is that the adoption of digital payment solutions helped increase financial inclusion by as much as 25 percent (https://apo-opa.co/3W91wUp) in just 15 years. 

A cloud-powered payment revolution

More recently, cloud technology has created a whole new realm of possibilities for fintech companies looking to accelerate financial inclusion, helping them scale their operations, create operational efficiencies and spin up new innovations overnight.

African payment giant, Flutterwave (https://apo-opa.co/3Q6oMP1), is a case in point, having recently shifted its legacy infrastructure to Microsoft Azure with a view to expanding its operations and processing high volume payments at scale. As one of the continent’s safest and most reliable payment companies, Flutterwave has been at the forefront of Africa’s payment revolution. Its multiple payment modes, including local and international cards, mobile wallets and bank transfers, continue to change the game for many African people and businesses on a daily basis.

AI ushers in a new era

Now, building on the progress enabled by the cloud, the world is undergoing a new wave of technological transformation, driven by AI. Suddenly, businesses don’t need vast datasets or powerful computers to benefit from the technology, with most of the necessary compute power now available through cloud providers. And as the barriers to AI adoption have fallen away, so new tools are giving rise to substantive productivity gains and revolutionising industries such as fintech.

While AI is providing champions of financial inclusion like Flutterwave with the tools they need to expand their reach, it’s also helping to fast-track access to financial services (https://apo-opa.co/4aVKblR) in a vast number of different ways. 

Microsoft continues to engage with the African Union and national governments in priority markets to help strengthen our collective role as responsible stewards of AI

Traditionally, cost has been a significant barrier for local SMEs when it comes to the adoption of digital financial services. In fact, it’s estimated that around 90 percent (https://apo-opa.co/3U22OxC) of transactions in Africa are still cash-based, and this is often because cash transactions don’t carry any fees. However, the ability for AI to lower the cost of the entire ecosystem of financial services – from fraud detection to risk management optimisation and compliance improvements, can lead to substantial operational efficiencies and cost savings, which can ultimately be passed on to the end-user.

Banks, for example, can make their services more affordable to their customers by rolling out AI-powered chatbots to handle routine queries, at the same time sparing them from having to travel to a bank branch.

Already, fintech companies are helping their customers to improve their financial literacy by using these same chatbots as affordable advisors. Drawing on the power of AI, these bots can produce personalised recommendations such as budgeting strategies so that the user can make a more informed financial decision. Mosabi (https://apo-opa.co/442aQuU), a company, in Sierra Leone has even gamified the process to help customers elevate their financial behaviours.

What’s more, AI tools can analyse data from client discussions, producing legal documents in simple language and at a fraction of the cost of what it would typically take to draft a contract, extending access to these services in terms of both understanding and affordability.

Real-time lending at scale

Perhaps most important of all, many fintech companies have access to vast amounts of data, meaning that when AI is introduced to the equation, they have formidable ability to offer real-time digital lending on a major scale.

M-KOPA (https://apo-opa.co/4cZW10a), for example, leverages Microsoft’s AI services to manage lending risk and provide financial forecasting. The company provides digital financial services to underbanked consumers by combining digital micropayments and IoT technology, drawing on cloud technology to process over 500 payments per minute, and making it possible for 3 million people across Africa to access essential services such as solar power systems, digital loans, health insurance and smartphones.

The use of AI has helped M-KOPA achieve significant increases in customer repayment performance – particularly for the follow-on products and services that M-KOPA offers to customers once they have successfully repaid their initial loan. In fact, more than 440,000 additional credit lines have been made to customers following payment of their first product.

With the digital payments market maturing quickly in Africa and AI rapidly gaining traction among fintechs on the continent, the implications for accelerated financial inclusion are significant.

The question is – how do we ensure fintechs are able to fully realise the AI opportunity?

Much of the answer lies with capacity building, from infrastructure to connectivity, skills and essential digital tools. With improved internet access, fintechs have the potential to access more data, and with larger volumes of data available, they can provide more innovative services.

It’s for that exact reason that Microsoft continues to make significant investments to bolster the continent’s digital capacity – from new connectivity solutions through our Airband Initiative to essential cloud infrastructure through our enterprise-grade datacentres in the region. Through key partnerships, such as our collaboration with Safaricom, we’re upskilling hundreds of thousands of developers to build new entirely new digital ecosystems.  

Regulation is another hurdle that must be overcome to accelerate AI-powered payments in Africa. Though more African countries are expected to introduce regulations to guide AI development and deployment, relatively few have strategies and policies in place at a national level. In fact, many FSI organisations in Africa view the risk of new safety and regulatory requirements as one of the biggest stumbling blocks to wider implementation of the technology, hindering greater progress in financial inclusion.

Finding new ways of collaborating across industry and government is critical to the advancement of AI in financial services. To this end, Microsoft continues to engage with the African Union and national governments in priority markets to help strengthen our collective role as responsible stewards of AI.

For some time now, Africa has been at the forefront of the payment technology revolution – empowering millions of people with access to financial services. Imagine what more could be done through the unprecedented power of AI? To turn that opportunity into reality tomorrow, we must begin by ensuring the groundwork for AI transformation is done today.

Distributed by APO Group on behalf of Microsoft.

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Sierra Leone’s PDSL to Host Strategic Investor Roundtable at Paris Energy Forum

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March 24, 2026

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The Petroleum Directorate of Sierra Leone will lead a targeted roundtable at Invest in African Energy 2026, spotlighting upstream potential and cross-regional partnerships

PARIS, France, March 24, 2026/APO Group/ –The Petroleum Directorate of Sierra Leone (PDSL) is set to convene an investor roundtable at Invest in African Energy (IAE) Forum 2026 in Paris, underscoring growing interest in West and North African energy markets and the need for deeper capital engagement across exploration, renewable and offshore services. The session reflects a strategic effort by Sierra Leone to connect its emerging upstream prospects with established operators and project developers as the country moves to unlock the full potential of its emerging oil and gas industry.

 

Sierra Leone is increasingly positioning itself as a frontier oil and gas market with significant offshore potential, and part of the PDSL’s mandate is to catalyze investment interest in its offshore acreage through direct engagement with global capital. Recent data suggest the country holds estimated recoverable resources in the tens of billions of barrels, backed by discoveries and extensive multi‑client seismic datasets that prospective investors are evaluating. The PDSL is actively promoting licensing opportunities and drilling plans, emphasizing fiscal terms and exploration readiness to attract strategic partners.

 

A cornerstone of this strategy is the anticipated launch of the country’s sixth licensing round. Offering a rare early-entry opportunity into a largely untapped deepwater terrain with considerable upside, the upcoming bid round is backed by fresh 3D datasets which de-risk exploration and support new drilling campaigns. Just this month, GeoPartners announced that the final Pre-Stack Time Migration data for its recently acquired 3D multi-client seismic survey in the country was complete and is now available for licensing. The dataset provides a 3D window into the hydrocarbon potential of the underexplored northern Sierra Leone region.

 

Sierra Leone’s licensing drive comes as major operators advance exploration activities. In 2025, Eni signed a Reconnaissance Permit Agreement with the PDSL, securing rights to conduct reconnaissance and technical evaluation activities across offshore blocks G113, G129, G130, G131 and G132. The acreage covers 6,790 square kilometers within Sierra Leone’s territorial waters. Nigeria’s F.A. Oil Limited is pursuing drilling following its award of six offshore blocks through the country’s fifth licensing round in 2023. The company is currently seeking a farm-in partner to advance the project from exploration to production, offering a 40% stake in each of the G Blocks 53, 54, 55, 71, 72 and 73.

 

As these development unfold, the upcoming roundtable at IAE 2026 offers a unique opportunity for operators and policymakers to engage potential investors. The IAE 2026 Forum has become a strategic bridge between African upstream opportunities and global investors, with sessions like the PDSL roundtable designed to foster deeper dialogue and provide clarity on project pipelines and investment prerequisites. Discussions are expected to cover mechanisms for de‑risking exploration activity, optimizing fiscal and contractual frameworks and identifying synergies between hydrocarbon investment and renewable energy commitments.

 

For investors seeking differentiated exposure to African energy markets, the Sierra Leone roundtable represents both a focused exploration of frontier oil potential and a broader conversation about regional infrastructure, partnerships and the evolving demands of energy capital in the years ahead.

 

IAE 2026 (www.Invest-Africa-Energy.com) is an exclusive forum designed to connect African energy markets with global investors, serving as a key platform for deal-making in the lead-up to African Energy Week. Scheduled for April 22–23, 2026, in Paris, the event will provide delegates with two days of in-depth engagement with industry experts, project developers, investors and policymakers. For more information, visit www.Invest-Africa-Energy.com. To sponsor or register as a delegate, please contact sales@energycapitalpower.com

 

Distributed by APO Group on behalf of Energy Capital & Power.

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Cape Town Prepares for African Mining Week 2026 as Draft Program Reveals Continent’s Mineral Drive

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March 24, 2026

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African Mining Week returns for its 2026 edition with an expanded three-day program, bringing together African mining leaders and global partners to shape the future of the continent’s mining sector

CAPE TOWN, South Africa, March 24, 2026/APO Group/ –Global economic trends – from record-breaking commodity prices to intensifying geopolitical competition for resources – are reshaping the strategic importance of Africa’s mineral wealth. As global countries race to secure supply chains for energy transition metals – which are expected to triple by 2030 – Africa is positioning its 30% share of the world’s critical minerals as a key pillar of economic growth. African governments are modernizing mining codes, developing industrial corridors and investing in mineral processing facilities to support local beneficiation, job creation, workforce development and regional mineral markets.

 

Against this backdrop, the upcoming African Mining Week (AMW) Conference & Exhibition – Africa’s premier gathering for mining stakeholders – has launched the draft program for its 2026 edition {https://apo-opa.co/3NneKLj}. Scheduled to take place October 14–16 in Cape Town, the event provides a platform where policymakers, global investors, project operators, technology providers, academia and mining service companies examine Africa’s mining opportunities, challenges and long-term strategic direction.

Under the theme ‘Mining the Future: Unearthing Africa’s Full Mineral Value’, the three-day, multi-track agenda reflects the growing urgency among African markets to strengthen value addition across the mining value chain.

Regional Cooperation and Policy Alignment in Focus

A key feature of the agenda is the Ministerial Forum, where African mining ministers will provide updates on regulatory reforms and policy alignment initiatives aimed at unlocking greater value from the continent’s mineral resources. Discussions will examine how harmonized regulatory frameworks and regional cooperation can accelerate investment flows and strengthen Africa’s position in global mineral supply chains.

The inclusion of regional policy integration reflects a growing continental push to leverage frameworks such as the African Continental Free Trade Area (AfCFTA) to enhance cross-border mineral cooperation and trade.

We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group

“Africa’s integration is not only a political objective but a strategic economic vision,” stated Emmanuel Armah-Kofi Buah, Ghana’s Minister of Lands and Natural Resources, in remarks reported by Energy Capital & Power – organizers of AMW – in February 2026. “Our natural resources require coordinated policies. Isolated legal frameworks cannot fully unlock their value. Through integration and initiatives such as the ECOWAS [Economic Community of West African States] Mining Code and the African Mining Vision, we can build a stronger and more competitive mineral economy.”

Nigeria’s Minister of Solid Minerals Development, Henry Alake, echoed this emphasis on regional cooperation and beneficiation.

“We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group,” he stated. “We must develop mineral corridors that connect resources, infrastructure and markets across the continent. Our goal is not to simply export raw materials, but to develop industrial hubs that create jobs and value across borders.”

Connecting Global Investors with African Opportunities

Strategic roundtables and Country Focus sessions form a key part of the AMW 2026 program, connecting African mining jurisdictions with international partners from the U.S, Europe, the Middle East and China. These sessions will provide African stakeholders with a platform to showcase exploration opportunities and project pipelines across the mining value chain.

Meanwhile, technical workshops and the exhibition floor at AMW 2026 will provide a platform for equipment manufacturers, technology providers and engineering firms to showcase innovations designed to enhance operational performance across mining operations.

By combining high-level policy dialogue with technical expertise and investment matchmaking, AMW 2026 positions itself as a critical marketplace where Africa’s mineral potential converges with global capital, technology and strategic partnerships – helping shape the next phase of growth for the continent’s mining sector.

AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2026 conference from October 12-16 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

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Tony Elumelu Foundation Selects Seven North African Entrepreneurs in 2026 Cohort

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March 24, 2026

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Seven North African entrepreneurs in technology, education, professional services and agriculture selected from 265,000 applications at historic Abuja ceremony

Hope is not just a feeling — it is a system we can build

ABUJA, Nigeria, March 24, 2026/APO Group/ —
  • 7 North African entrepreneurs selected from Morocco, Tunisia and Egypt
  • 51% of the 2026 cohort are women, all selected purely on merit, without any quota in place
  • 3,200 total entrepreneurs selected from 265,000+ applications across 54 African countries
  • USD 5,000 in non-refundable seed capital for each selected entrepreneur
  • Selection conducted independently by Ernst & Young

 

The Tony Elumelu Foundation (TEF) (www.TonyElumeluFoundation.org), the leading philanthropy empowering young African entrepreneurs, announced on Sunday, 22 March 2026 the 12th cohort of the TEF Entrepreneurship Programme at a ceremony held at the Transcorp Hilton, Abuja. The announcement was made by Founder Tony O. Elumelu, C.F.R.

 

Among the 3,200 entrepreneurs selected from 265,000 applications received from all 54 African countries: seven from North Africa. Three from Tunisia, two from Morocco, two from Egypt. Spanning technology, education, professional services and agribusiness, they represent a generation of North African founders building businesses that address the urgent needs of their communities. Their selection, which was conducted independently by Ernst & Young, places them among the most rigorously assessed young entrepreneurs on the continent.

 

This year’s cohort carries a historic signal: 51 percent of the 2026 entrepreneurs are women. They were selected purely on merit, without quota. Across hundreds of thousands of applications, women distinguished themselves through the strength of their ideas, the clarity of their business models and the ambition of their vision.

 

In 2026, the Foundation is empowering a total of 3,200 entrepreneurs across all its entrepreneurship programmes:

 

  • 1,751 entrepreneurs through Heirs Holdings Group: Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital;
  • 1,049 entrepreneurs in partnership with the European Commission, OACPS, BMZ and GIZ;
  • 100 entrepreneurs in partnership with Sèmè City Development Agency;
  • 100 entrepreneurs in partnership with DEG, the German Development Agency;
  • 100 entrepreneurs in partnership with the IKEA Foundation, UNICEF’s Generation Unlimited and the Dutch Government; and
  • 100 entrepreneurs in partnership with UNDP and the Rwandan Ministry of Youth and Arts.

 

 

Each selected Tony Elumelu Entrepreneur will receive USD 5,000 in non-refundable seed capital, access to world-class business management training on TEFConnect, one-on-one mentorship, and entry into a powerful network of investors, partners and fellow entrepreneurs.

 

In his annual letter (https://apo-opa.co/4uOFepM), “A Story of Hope,” Tony O. Elumelu, C.F.R., Founder of the Tony Elumelu Foundation, shared a powerful message to the new cohort:

 

“For a long time, I believed luck was something that simply happened to you. Then I came to understand: luck can be engineered. Opportunity can be democratised. Hope is not just a feeling — it is a system we can build.” — Tony O. Elumelu, C.F.R., Founder, Tony Elumelu Foundation — 2026 Annual Letter

 

The Tony Elumelu Foundation has empowered over 2.5 million young Africans with access to business management training on TEFConnect (https://TEFConnect.com), and disbursed over USD 100 million in seed capital to more than 24,000 selected entrepreneurs.

 

Collectively, these entrepreneurs have generated USD 4.2 billion in revenue and created more than 1.5 million direct and indirect jobs. Through its support for African entrepreneurs, TEF has lifted 2.1 million Africans above the poverty line and positively impacted more than 4 million African households, with 46% of supported entrepreneurs being African women. Eighty percent of TEF-supported businesses survive and scale, against a global average of ten to twenty percent.

 

 

The announcement ceremony was broadcast live in English (https://apo-opa.co/3PWLiML), French (https://apo-opa.co/3PWLiML), Portuguese (https://apo-opa.co/4t4Y7Da) and Arabic (https://apo-opa.co/4bYHlQl).

 

Distributed by APO Group on behalf of The Tony Elumelu Foundation.

 

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