Onyenso, Adekambi, Sodangi, others want regulatory framework to deepen AI, carbon credit adoption in Africa

Stakeholders in the African fintech ecosystem have called for a regulatory framework to deepen the adoption of Artificial Intelligence (AI) and carbon credit financing across the continent.

The call was made during the recent 2-day Moonshot conference by TechCabal. The stakeholders also disclosed that regulatory agencies and policymakers across Africa must establish clear regulations to drive the adoption of carbon credit financing.

According to the stakeholders, the African carbon credit market is projected to reach $82 billion, while the global carbon credit market is valued at about $909 billion. The stakeholders said further that while Africa has witnessed an increase in carbon credit financing, gaps persist which must be addressed.

Chidalu Onyenso, CEO, Earthbond, said startups should not rely on carbon credits initiatives as a sole funding source despite its potential. Blended financing is key in ensuring that startups do not put their eggs in one basket.”

Read also: Experts call for integration of Artificial Intelligence in Nigeria’s tax system

Panelists noted that the lack of laws and data is slowing the uptake of carbon credit funding on the continent. “Carbon credits help businesses subsidise capex in the long run, providing an opportunity for marginal gains,” said Michael Olaitan, co-founder, Powernow, a renewable energy startup, said.

Earlier in the opening session of the conference, Kasim Sodangi, co-founder/director, advocacy for policy and innovation, highlighted a blueprint for a single digital African market.

While Bayo Adekanmbi, founder, Data Science Nigeria, spoke on building AI talent for the world. “Let’s create enough talent to build the future that we want,” Adekanmbi said.

Jessica Hope, founder, Wimbart, a PR firm, said startups can leverage on the right of reply opportunity to chronicle their version of events. She however disclosed that many founders are not taking advantage of the opportunity. “If you do not make your version of events clear, you create an information vacuum which can be filled by assumptions from readers.”