For millions of people across Africa and Southeast Asia, access to financial services remains out of reach despite widespread mobile technology adoption. In fact, around 65% of Africans remain unbanked or underbanked, according to a McKinsey report. The good news is that artificial intelligence (AI) is creating a new pathway to bridge this gap and has the potential to revolutionise how financial services are delivered to underserved communities.
“AI is effectively the glue that can combine all of that data together. It can analyse, provide insights at scale and do it affordably,” explains Ryan Barlow, CEO of Sybrin, a software solutions provider for financial services across the African continent. “You can process vast amounts of data from different data sets very quickly and cheaply, and you can gain insights almost instantly.” With Sybrin’s presence in over 15 countries, Barlow has seen technology create pathways to financial services where traditional banking models have failed to reach. “For us, embracing AI isn’t about chasing technological trends,” he says. “It’s about solving real barriers that have kept millions of people outside the financial system for generations.”
Accessible but safe
One of the most promising aspects of AI in financial inclusion is its ability to democratise personalised services that were previously available only to high-net-worth individuals. “Before, you would have to be a high earner to get that personalised attention. That’s private banking,” says Barlow. “But with AI, it doesn’t make a difference where you sit on the financial scale. The cost of serving effectively comes right down, and you can serve with a lot better quality and a lot more certainty.” This expansion of personalised service extends beyond basic banking. AI-powered tools can help ordinary people navigate complex financial products that previously seemed inaccessible. For first-time investors, AI can guide them through the process step by step, explaining terms and suggesting products suited to their specific circumstances.
Trust, however, still remains a fundamental barrier to financial inclusion. For those accustomed to cash-based transactions, the shift to digital financial services requires confidence in systems they cannot physically touch. This is where AI’s capabilities in fraud detection become essential. “You can’t operate any kind of payment system without that layer in good conscience,” Barlow adds. “Just look at the amount of fraud that’s committed annually. It’s in billions of dollars. I don’t think enough has been done to address it.”
Sybrin has developed AI-powered solutions that analyse thousands of transactions per second, identifying potential fraud in real-time. These systems improve continuously – as they process more data, they become more adept at distinguishing legitimate transactions from suspicious ones. Technology alone cannot solve financial inclusion challenges. Successful implementation requires comprehensive infrastructure, such as affordable smartphones, low-cost data access and robust governance systems. “And you need clarity around some of the regulatory frameworks, making them clear, obvious and transparent,” Barlow points out. “The easier it is to do business, the more business will be done.”
Breaking cost barriers
There’s no question that the financial services landscape is undergoing a profound transformation. AI will increasingly be used to verify identities, assess creditworthiness without traditional credit histories and provide financial guidance that previously required expensive human advisors. For small businesses in emerging markets, this could mean the difference between operating in the informal economy and accessing the capital needed for growth.
This is why Barlow believes AI is not just a tool, but a transformative force, one that can break down cost barriers and make financial services more accessible, efficient and genuinely inclusive across Africa and beyond. “Banks, insurance companies and other financial service providers haven't typically been able to serve the underserved community because the cost to serve is just too high,” he says. But with AI now available, that calculation has fundamentally changed. “I’m very excited about what this means for underserved communities and people, but also, what it means in terms of opportunity for financial services companies,” says Barlow. “You can only include people in the financial system if it’s through digital means. AI will play a crucial role throughout this entire value chain.”
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