In a bid to enhance the growth and development of Small and Medium Enterprises (SMEs) in Nigeria, stakeholders have been urged to embrace Artificial Intelligence (AI) technology. The call was made by the founder of AI Nigeria, Mr Ehia Erhabor, during the Ecobank MySME Growth Series webinar.
Mr Erhabor highlighted the transformative power of AI in automating processes, enhancing analytics, and enabling personalized customer experiences. He emphasized that AI is not a threat but a tool for development, debunking claims that it will lead to the end of the world.
According to him, the future of AI lies in its democratization, allowing businesses of all sizes, including SMEs, to leverage its capabilities for innovation and gaining a competitive edge. He noted that AI can help SMEs develop new products, automate tasks, streamline workflows, and improve efficiency.
Supporting this view, the former Chief Operating Officer of Flutterwave, Ms Bode Abifari, explained that AI simulates human intelligence to perform complex tasks like research, decision-making, and problem-solving. She highlighted the potential of AI in improving customer experience, providing personalized recommendations, and enhancing customer service for SMEs.
The Ecobank MySME Growth Series, which aims to empower SME operators across Nigeria, is part of the bank’s commitment to train over 1 million SME operators by 2024. The series covers essential aspects of running a business, including accounting, credit, sales & marketing, taxation, and inventory management, providing valuable resources for SMEs to thrive in the competitive business landscape.