Artificial Intelligence: Firm pushes financial inclusion in Africa with new App

Spendify Technologies, an online finance technology company, has launched a generative Artificial Intelligence product code named “OLA” to address crises arising from limited access to financial services in Sub-Saharan Africa.

Philip Etim, founder of Spendify Technology, while addressing newsmen at a press conference in Lokoja, described “Financial Inclusion” as a crucial enabler for the attainment of many of the goals in the 2030 Sustainable Development Goals (SDGs), adding that available data had revealed that approximately 66percent of the sub-Sahara Africans are considered and have limited access to financial services.

Etim pointed out that the innovation which would also address the general financial exclusion crisis will be utilised on the Spendify mobile app and web platform and useable on personalised individual WhatsApp.

He emphasised that the new features on the Spendify Mobile app reduces the gap by ensuring better money management for all, through educating users on financial literacy.

According to him, the exclusion exacerbates poverty, hampers personal financial management and hinders economic growth in the long run.

He maintained that the application helps individuals to manage their little available resources effectively with budgeting, tracking expenses and income and investment, and targets people from all social strata, including students.

“The application features a chat-based platform, budget manager, in-built financial educator and an Artificial intelligence (AI) tool that detects spending trends and alerts users on deviations from their budget.

“In this current state of high inflation and high cost of living, with the use of spendify mobile applications on your phone, be it android, iOS and web, one can easily budget, tracks expenses and income, get reminders on outstanding bills or debts and get real-time reports by simply asking to OLA,” he said.

Etim stressed that the Spendify Mobile app is user-friendly, and can be downloaded across all devices, adding that the app’s cloud-based architecture ensures user’s data is encrypted and stored safely in the cloud.

“The app offers much more than just expense tracking. It enables users to change their financial habits, monitor their financial status, personalised advice, receive financial tips and performance reports to aid their journey towards financial stability,” he said.

Ameh Friday Onuche, co-founder and Chief Technical Officer (CTO) of the company, said that the Fintech company was pioneering personal financial management features by utilising generative artificial intelligence.

Onuche said that the AI was being used to bridge significant disparities in the field of personal finance, adding that this innovative approach sets Spendify apart as the first Fintech organisation to offer such comprehensive capabilities.

Ayodele Aransiola, product manager and the developer advocate, in his remarks said: “Our mission is to remove the obstacles that prevent individuals from efficiently handling their finances.”