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Artificial Intelligence (AI) Solutions for Financial Inclusion of the Excluded: What Are the Challenges?

In: Economic Inclusion in Post-Independence Africa

Author

Listed:
  • David Mhlanga

    (College of Business and Economics, The University of Johannesburg)

Abstract

The objective of this study is to critically investigate the challenges associated with the adoption of AI solutions in the financial inclusion of the excluded. Using unobtrusive research techniques like conceptual and documentary analysis, the study found out that employing AI in improving financial inclusion through digital tools is associated with many challenges apart from the various opportunities it presents. The study discovered, despite the benefits, the adoption of AI in the inclusion of the excluded households is associated with several challenges which include consumer protection challenges, data protection, and cyberattacks. Other challenges include risks related to the reduction of competition, irresponsible deployment of AI, and the risk of fueling the digital divide, exclusion, and displacements. Therefore, the study concludes that it is important that policymakers, in partnership with the private sector, prioritize the development of digital infrastructure as one of the foundations of their economic and social development plans which will make it easy for those excluded to be able to participate fully. The development of digital infrastructure should be one of the foundations of the economic and social development plans which will make it easy for those excluded to be able to participate fully. Also, this will go a long way in addressing many challenges related to the lack of adequate infrastructure.

Suggested Citation

  • David Mhlanga, 2023. "Artificial Intelligence (AI) Solutions for Financial Inclusion of the Excluded: What Are the Challenges?," Advances in African Economic, Social and Political Development, in: David Mhlanga & Emmanuel Ndhlovu (ed.), Economic Inclusion in Post-Independence Africa, chapter 0, pages 257-272, Springer.
    • Handle: RePEc:spr:aaechp:978-3-031-31431-5_14
    DOI: 10.1007/978-3-031-31431-5_14
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