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Impact of Generative AI on FINTECH in Africa

Author

Listed:
  • Klemens KATTERBAUER

    (Department of Earth Science and Global Management, Euclid University, Greater Banjul Republic of The Gambia, West Africa)

  • Hassan SYED

    (Department of Economic & Finance, Euclid University, Greater Banjul Republic of The Gambia, West Africa)

  • Laurent CLEENEWERCK

    (Department of Theology, Greater Banjul Republic of The Gambia, West Africa)

  • Rahmi Deniz ÖZBAY

    (Department Business Administration, İstanbul Ticaret University, İstanbul, Türkiye)

  • Sema YILMAZ

    (Department of Economics, Yıldız Technic University, İstanbul, Türkiye)

Abstract

The financial technology (Fintech) industry in Africa is expanding and growing quickly. Despite several regulatory contexts, political, economic, and regulatory obstacles, Fintech is booming throughout the continent. Over the past few years, the information technology in-dustry has grown dramatically, and a large number of these new businesses are focused on upending the financial technology industry. Because it can understand customer preferences, spending habits, and financial goals, generative AI has a lot of promise to provide personalized financial recommendations or solutions to any individual. With the new paradigm of gener-ative AI playing a more critical role, it may have significant impact on fostering the growth of Fintech within Africa. The article provides a comprehensive review of the current st

Suggested Citation

  • Klemens KATTERBAUER & Hassan SYED & Laurent CLEENEWERCK & Rahmi Deniz ÖZBAY & Sema YILMAZ, 2024. "Impact of Generative AI on FINTECH in Africa," Yildiz Social Science Review, Yildiz Technical University, vol. 10(1), pages 43-53.
    • Handle: RePEc:aye:journl:v:10:y:2024:i:1:p:43-53
    DOI: 10.51803/yssr.1440501
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    References listed on IDEAS

    as
    1. Banna, Hasanul & Mia, Md Aslam & Nourani, Mohammad & Yarovaya, Larisa, 2022. "Fintech-based Financial Inclusion and Risk-taking of Microfinance Institutions (MFIs): Evidence from Sub-Saharan Africa," Finance Research Letters, Elsevier, vol. 45(C).
    2. Oyebola Etudaiye-Muhtar, Fatima & Johan, Sofia & Lawal, Rodiat & Sakariyahu, Rilwan, 2024. "Fintech, human development and energy poverty in sub-Saharan Africa," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Financial inclusion; fintech industry in Africa; generative AI; information technology growth; regulatory challengesJournal: Yildiz Social Science Review;
    All these keywords.

    JEL classification:

    • F00 - International Economics - - General - - - General
    • F30 - International Economics - - International Finance - - - General
    • G00 - Financial Economics - - General - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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