The global AI in finance market is set to skyrocket to $26.6 billion by 2025. To dominate this realm, Financial Service Providers (FSPs) must pivot strategically. Relying solely on external vendors stifles innovation and control. A recent Accenture study shows that while 80% of FSPs recognize AI’s importance, only 20% invest in in-house development. The key lies in building a future-proof workforce. Recently, I had the privilege of speaking on AI in Finance at the Makerere University Statistics Students Association career talk series. Link to post: https://www.linkedin.com/posts/nesta-paul-katende-34890a165_%3F%3F%3F%3F%3F%3F%3F%3F-%3F%3F%3F-%3F%3F%3F%3F%3F%3F-%3F-activity-7180418196418551808-3O1W?utm_source=share&utm_medium=member_desktop

As Africa strides into the Fourth Industrial Revolution (4IR), the urgency to upskill in AI is paramount. Recent data reveals that only 20% of African nations possess a national AI adoption strategy, hindering our understanding of current AI proficiency across the continent. Moreover, fragmented initiatives aimed at bridging the AI skills gap persist, with a recent UNESCO report finding that less than half of African countries have established AI research institutions. It is our collective responsibility and a shared mandate, to equip Africa with the knowledge and skills necessary to fully leverage the potential of AI. With the World Economic Forum estimating that AI could contribute a staggering $15.7 trillion to the global economy by 2030, the imperative for action is clear.

Returning to my alma mater, Makerere University, I am filled with a profound sense of gratitude, duty and purpose. In this age of unprecedented change, our ability to evolve, adapt, and even mutate is not just desirable—it’s imperative. As I stand before the next generation, I see tomorrow’s torchbearers, hungry for knowledge and thirsty for change. My journey is a testament to the power of adaptation and the beauty of evolution. It’s a reminder that regardless of our backgrounds or academic pedigrees, we all possess the capacity to reinvent ourselves, to transcend limitations, and to defy expectations. Let’s embrace change and dare to dream.