Artificial intelligence: Spendify technologies moves to promote financial inclusion in Africa with App

Spendify Technologies, an online finance technology company has launched a generative Artificial Intelligence product code named “OLA” to address crises arising from limited access to financial services and general financial exclusion crisis in Sub-Saharan Africa.

Addressing newsmen at a press conference in Lokoja on Thursday, Mr Philip Etim, founder of Spendify Technologies described “Financial inclusion” as a crucial enabler for the attainment of many of the goals in the 2030 Sustainable Development Goals (SDGs).

Etim said that the innovation would be applied on the Spendify mobile app and web platform and useable on personalized individual WhatsApp.

According to him , the new features on the Spendify Mobile app reduces the gap by ensuring better money management for all through educating users on financial literacy.”

He said: “According to available data, approximately 66% of sub-Saharan Africans are considered underserved and have limited access to financial services.”

The situation, he said exacerbates poverty, hampers personal financial management and hinders economic growth at large and on the short and long run..

“The application features a chat-based platform, budget manager, in-built financial educator and an Artificial intelligence (AI) tool that detects spending trends and alerts users on deviations from their budget.

“In this current state of high inflation and high cost of living, with the use of spendify mobile applications on your phone, be it android, iOS and web, one can easily budget, tracks expenses and income, get reminders on outstanding bills or debts and get real-time reports by simply asking to OLA”, he said.

Etim stressed that the Spendify Mobile app is user-friendly, and can be downloaded across all devices adding that the app’s cloud-based architecture ensures users’ data is encrypted and stored safely in the cloud.

“The app offers much more than just expense tracking. It enables users to change their financial habits, monitor their financial status, personalized advice, receive financial tips and performance reports to aid their journey towards financial stability.

Also speaking , Friday Ameh Onuche, co-founder and Chief Technical Officer (CTO) of the company, stated that the Fintech company was pioneering personal financial management features by utilizing generative artificial intelligence.

Onuche said that the AI is being used to bridge significant disparities in the field of personal finance adding that this innovative approach sets Spendify apart as the first Fintech organization to offer such comprehensive capabilities.

Ayodele Aransiola, Product Manager and the Developer Advocate, in his remarks said, “Our mission is to remove the obstacles that prevent individuals from efficiently handling their finances.

“We understand the challenges posed by managing multiple apps, dealing with high costs, and lacking essential financial knowledge. By addressing these barriers, we empower individuals to effectively manage their money and achieve financial well-being”.

The mission of Spendify Technologies is to increase financial inclusion and literacy, and improve users’ financial habits, commitment, and control. A personal financial infrastructure for underserved in Africa, promoting financial literacy and inclusion.

Spendify Technologies, which completed the 2020 Forbes Digital Startup Accelerator Program, was founded by seasoned professionals with years of experience in finance and software infrastructure development.