At the recent Grand Challenges Annual Meeting in Dakar, Senegal, sponsored by the Bill & Melinda Gates Foundation, the Daily Sun met with Olubayo Adekanmbi, the mind behind Data Science Nigeria. He shared insights on his revolutionary start-up that aims to enhance financial literacy among rural Nigerian women.
Adekanmbi’s initiative uses artificial intelligence (AI) to address financial inclusion, essential for a balanced society. With digital transactions becoming the norm, many, especially the “working poor” with limited literacy, miss out on the benefits. The AI solution allows users, predominantly women, to manage their finances verbally using their phones, receiving responses in local languages.
This AI tool aids users in tracking, planning, and understanding their finances, offering tailored financial advice and assisting in daily decision-making. Importantly, it supports transaction reporting, simplifies accounting, and fills the gaps in financial literacy.
A startling 70% of rural Nigerian women face financial exclusion. An Enhancing Financial Innovation and Access (EFInA) report highlighted that women often are unaware of their financial options, with only 25% effectively managing their financial health. This AI innovation aims to bridge this knowledge gap, empowering women and fostering a more inclusive financial future.
The vast exclusion of women from digital financial services significantly impacts Nigeria’s overall welfare. Data Science Nigeria believes in the potential growth that can occur when women are financially literate and empowered. A projection suggests Nigeria’s GDP could surge by 23% by 2025 with women participating equally in the economy.
The organization’s innovative AI system, currently piloted in Yoruba, aspires to operate in at least ten major African languages, recognizing the diverse dialects. This initiative will serve a broad audience, especially in remote villages and communities.
Data Science Nigeria, a leading AI tech enterprise in sub-Saharan Africa, has a history of pioneering solutions in various sectors. Their achievements include the development of the AI-powered SMS Fraud Detector and Instant Fraud Prevention Call Alert, which the International Research Centre on Artificial Intelligence (IRCAI) recognized as a global top AI solution. Collaborating with major global entities like the Gates Foundation and Google, their contributions to AI innovations remain unparalleled.
