How AI Can Unlock Opportunities For Africa’s Informal Economy

Featuring Maxwell Gomera, Executive Director of UNDP Africa Sustainable Finance Hub & UNDP South Africa Resident Representative.

In this sixth and final episode of a special series of the Embedded podcast, host Zain Verjee speaks with Maxwell Gomera about how artificial intelligence can reshape international development across Africa. From his early work developing bio-economic models for elephant conservation to his current role leading UNDP's sustainable finance initiatives, Maxwell shares his vision for using AI to solve longstanding development challenges. The conversation explores how AI can unlock financial access for the informal sector, create jobs for Africa's growing youth population, and help communities address problems that have persisted for generations. Recorded at the Global AI Summit on Africa in partnership with The Rwanda Centre for the Fourth Industrial Revolution, this episode examines how data sovereignty and locally-relevant AI solutions can create a more equitable path forward for the continent.

Key Highlights

• 🐘 Maxwell's journey from building mathematical models for elephant conservation to leading UNDP Africa's sustainable finance initiatives

• 💰 Using AI to unlock credit for small businesses in township economies through alternative data and risk assessment

• 🏬 How the informal sector employs 60% of South Africa's population yet remains financially excluded from traditional banking systems

• 📊 Building AI datasets that enable financial institutions to better assess creditworthiness of individuals in informal economies

• 🌐 UNDP's exploration of how pension funds can be mobilized to support African startups and innovation

• 👩‍💻 Creating technological jobs across the spectrum - from coding to technical maintenance of data centers

• 🧠 The importance of empowering Africans to shape AI development on the continent rather than remaining bystanders

• 🍳 Addressing persistent challenges like cooking energy access that traditional technology has failed to solve

About Our Guest

Maxwell Gomera serves as the UNDP Resident Representative for South Africa and Director for the UNDP Africa Sustainable Finance Hub. With over 20 years of experience as a resource economist specializing in nature conservation and agricultural development, he has made significant contributions to economic development initiatives, including being part of the team that developed the 'Global Green New Deal' following the 2008 financial crisis.

In his work at UNDP, Maxwell focuses on how AI can serve as a practical tool for Africa's financial transformation, particularly in using alternative credit data to unlock financing for small businesses traditionally labeled as "too risky" by conventional banking systems. Rather than seeing AI merely as climate technology, he positions it as essential for economic justice and shared prosperity, enabling Africa to transition from resource extraction to becoming creators of sustainable solutions tailored to local realities.

About UNDP Africa Sustainable Finance Hub

The UNDP Africa Sustainable Finance Hub supports countries' efforts to build sustainable finance architectures that advance the Sustainable Development Goals (SDGs). Key achievements include $750 billion aligned and leveraged for the SDGs in 2022-2024, almost US$30 billion of thematic bonds issued with UNDP's support, and over 100 countries supported in sustainable finance initiatives.

The Hub's services include Public Finance for the SDGs, Private Finance for the SDGs, Integrated National Financing, and the SDG Finance Academy, which builds capacity for sustainable finance globally.