The encounter between Christianity and African traditional religions has given rise to a new religious phenomenon, namely, African Initiated Churches (AICs). This chapter outlines the key features of the theology of AICs and seeks to elaborate on those dimensions that are critical for an appreciation of the ongoing transformation of the theology of AICs. It illustrates how the changing realities have brought with them some shifts within the theology of AICs and highlights the key dimensions of the theology of AICs. The Holy Spirit and African culture are selected for in-depth analysis. The chapter refers to the Bible and experience as sources of AIC theology and maintains that AICs remain significant players in the African religious market. As with other forms of Christianity, experience is taken as a legitimate source of AIC theology. Indeed, this is one factor that has been responsible for both the rapid multiplication of the AIC phenomenon, as well as for its dynamism.