Embracing AI Technology for SME Expansion: Insights from Experts

The founder of AI Nigeria, Mr Ehia Erhabor, has urged stakeholders in the Small and Medium Enterprises (SMEs) sector in Nigeria to embrace Artificial Intelligence (AI) technology for business expansion.

During the Ecobank MySME Growth Series webinar, Mr Erhabor highlighted the importance of AI in transforming industries by automating processes, enhancing analytics, and providing personalized customer experiences. He emphasized that AI is a game-changer for small businesses and can help drive innovation and gain a competitive edge.

Despite the challenges and risks associated with AI, such as bias, explainability, privacy, transparency, and misuse, Mr Erhabor debunked claims that AI will lead to the end of the world. He emphasized that AI is a tool for development and holds the key to the future.

Ms Bode Abifari, the former Chief Operating Officer of Flutterwave, also spoke at the webinar, stating that AI technology simulates human intelligence to perform complex tasks like research, decision-making, pattern recognition, and problem-solving. She highlighted how AI can improve customer experience and engagements for SMEs by personalizing interactions, providing recommendations, and enhancing customer service.

The Ecobank MySME Growth Series aims to empower SME operators in Nigeria by providing resources for starting a business, registration processes, industry statistics, and essential considerations for running a business. The series covers key areas such as accounting, credit, sales & marketing, taxation, and inventory management.

Overall, the webinar emphasized the importance of SMEs embracing AI technology to drive business innovation, improve efficiency, and enhance customer satisfaction. It is part of Ecobank’s commitment to train over 1 million SME operators in various sectors of the economy by 2024.