Dakar, Senegal, became the backdrop for an extraordinary initiative aimed at addressing Pioneering Financial Inclusion, particularly for rural women in Nigeria. Olubayo Adekanmbi, a scientist, innovator, and the founder of Data Science Nigeria, discussed his groundbreaking startup during the Grand Challenges Annual Meeting hosted by the Bill & Melinda Gates Foundation (BMGF). Adekanmbi’s project, which recently received a Grand Challenges Award, leverages Artificial Intelligence (AI) to enhance financial literacy, particularly among women.
Adekanmbi shared that the inspiration for his project came from the transformative capabilities of AI. He emphasized the role AI plays in identifying patterns, simplifying complex processes, and its potential to address Pioneering Financial Inclusion challenges, which are vital for creating an equitable society. In an era where digital transactions dominate, the absence of access to digital financial services is a barrier to modern living. Adekanmbi and his team developed a solution tailored for the working poor with limited literacy levels, enabling individuals, especially women, who cannot read or write to manage their daily incomes and expenditures through voice-activated technology in their local language.
The solution is a personal voice chatbot that simplifies transaction reporting, streamlines accounting, provides customized financial advice, and guides daily financial decision-making for informal businesses, traders, and smallholding farmers. It bridges the gaps in financial decision-making, financial literacy, and transaction tracking, empowering the most vulnerable.
Adekanmbi’s focus on rural women in Nigeria stems from the dire need for financial inclusion in this demographic. Recent statistics reveal that roughly 70% of rural women in Nigeria are financially excluded. The Enhancing Financial Innovation and Access (EFInA) organization reports that women in Nigeria generally lack knowledge of available financial options, with only 25% being financially healthy, resilient, and capable of seizing opportunities. To address these disparities, Adekanmbi leveraged AI to create a solution that empowers women economically, enhancing their access to financial systems and opportunities.
The project, aligned with the Agenda for Sustainable Development, aims to support women, reduce poverty, hunger, and inequality, and promote an inclusive economic future. Financial illiteracy and inadequate financial planning have been persistent barriers to economic empowerment for women, and Adekanmbi’s AI solution aims to break this cycle.
The exclusion of women from digital financial services has far-reaching consequences for Nigeria’s economy. Adekanmbi believes that empowering women financially enhances family well-being and contributes to economic growth. It is estimated that Nigeria’s GDP could grow by 23% by 2025 if women’s participation in the economy matches that of men. Currently, only 37% of women in sub-Saharan Africa have bank accounts, compared to 48% of men, and the gap is widening. Adekanmbi’s AI solution is tailored to address this gap, with a focus on clear communication in the local language.
Testing of the AI solution yielded promising results, with testers confirming its accuracy, convenience, privacy, and increased interest in digital financial access. The solution is designed to be accessible to users without smartphones and without requiring internet connectivity.
Adekanmbi’s innovation is set to empower and transform the lives of rural women in Nigeria by providing them with the financial tools they need to make informed decisions, break the cycle of poverty, and contribute to a more inclusive economic future. Data Science Nigeria’s commitment to addressing financial illiteracy and empowering women through AI technology promises to create lasting positive impacts.
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