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Artificial Intelligence and FinTech in Africa: Opportunities, Challenges, and the Road Ahead

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  • David Mhlanga
  • Brian Mabuyana

    (University of South Africa)

Abstract

Artificial Intelligence (AI) is increasingly influencing the evolution of financial technology (FinTech) across Africa, offering new pathways to address longstanding challenges of financial exclusion. This paper examines how AI-enabled financial innovations are transforming credit assessment, payment systems, fraud detection, and customer service delivery within contexts characterised by informality and limited access to traditional banking services. Drawing on emerging developments within African digital finance ecosystems, the study analyses how mobile technologies and alternative data sources have expanded financial participation among underserved populations. While AI-driven FinTech solutions have improved operational efficiency and broadened access to financial services, their rapid adoption also raises concerns about data governance, regulatory capacity, algorithmic bias, and digital inequality. The paper argues that the developmental benefits of AI in African finance depend on supportive institutional frameworks that align technological innovation with inclusive and accountable financial governance.

Suggested Citation

  • David Mhlanga & Brian Mabuyana, 2026. "Artificial Intelligence and FinTech in Africa: Opportunities, Challenges, and the Road Ahead," Africagrowth Agenda, Africagrowth Institute, vol. 23(2), pages 18-23.
    • Handle: RePEc:afj:journ2:v:23:y:2026:i:2:p:18-23
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    File URL: https://journals.co.za/doi/abs/10.10520/ejc-afgrow_v23_n2_a3
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