Small and Medium Enterprises (SMEs) in the country have been advised to embrace Artificial Intelligence (AI) technology; since it is key to  growing their businesses.

Making the submission in his presentation, titled: “Using AI for Business Innovation”, delivered at the Ecobank MySME Growth Series webinar, the Founder, AI Nigeria, Ehia Erhabor,  emphasied that AI remains a gamechanger  to businesses, particularly the small and medium ones.

According to him, AI is rapidly transforming industries by automating processes, enhancing analytics, and enabling personalized customer experience, stressing that the future of AI is its democratization which enables companies, of all sizes, including SMEs, harness the power to drive innovation and gain competitive edge.

 “AI technology holds the key to the future. It is quite pervasive. It is part of our existence and will impact businesses the way we can ever imagine. It can help SMEs develop new products and services by analysing data and identifying customers’ needs. AI can also be used to automate repetitive tasks, streamline workflows, and improve efficiency by reducing operational costs,” he stated.

Erhabor listed the challenges and risks of AI as bias, explainability, privacy, transparency and misuse, noting that rather than lead to the end of the world, as being claimed in some quarters,  AI will serve as a tool for development.

Also speaking, former Chief Operating Officer, Flutterwave, Bode Abifari said AI technology holds the key to the future, explaining that it simulates human intelligence to perform complex tasks like research, decision making, pattern recognition and problem solving.

She submitted that AI was capable of improving customers’ experience and engagements for the SMEs, adding that the technology can personalize interactions, provide personalized recommendations and enhance customer service leading to increased customer satisfaction and loyalty for small businesses.

Ecobank MySME Growth Series which started in February this year is designed to empower SME operators across the country. It is part of the bank’s commitment to train over 1 million SME operators in various sectors of the economy in 2024.