These 3 African Startups Are Using AI, Data Science to Disrupt Fintech

CATAPULT: INCLUSION AFRICA 2021: Meet the 3 African startups using AI, Data Science to disrupt fintech

Three African startups using artificial intelligence (AI) and Data Science to bring about financial inclusion on the continent — Nokwary, Mosabi and Mipango— were among 14 companies selected to participate in the Luxembourg House of Financial Technology (LHoFT) CATAPULT: Inclusion Africa 2021 programme.

The fintech startup development initiative — which was launched in 2018 and then subsequently held in 2020 — was designed for companies working on financial inclusion in Africa. In addition, the programme also aims to build bridges between Africa and Europe.

This year’s programme, which was held online between 19 and 28 May, provided the 14 participants with intensive mentoring, coaching, peer to peer learning and dedicated workshops. This year’s programme also features sessions on business model mapping, investment readiness, funding and capital raising, social impact, scaling strategy, building teams, operational management, advisory meetings with investors, and pitch development.

Here’s how the three are using AI and Data Science to bring about financial inclusion on the continent:

Nokwary (Accra, Ghana): Nokwary uses AI to break barriers to digital access, connect people and bring convenience to consumers. It’s expertise in speech recognition and conversational user interfaces has enabled the startup to develop systems that enable people who can’t see as well as those that can’t read and write to interact with banking apps and systems through spoken commands. 

Mosabi (Freeetown, Sierra Leone): Mosabi links fintech and edtech with embedded, gamified up-skilling for Africa’s financial products and platforms. This helps underserved citizens improve decisions and behaviours on their businesses and money. Mosabi harnesses data insights from user profiles and journeys, to match them to best fits across a marketplace of digital financial services. 

Mipango (Dar es Salaam, Tanzania): Mipango is a personal finance mobile application that enables users to manage their income, expenses, savings, financial targets, help and offerings. Mipango’s app uses AI to guide users to better financial management and financial deals. In addition, the app also helps users with personalised financial advice and investment opportunities.