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The rapid evolution of financial technology, especially the integration of Artificial Intelligence (AI), is reshaping the financial sector in Africa. This paper comprehensively reviews the rise, implications, and future prospects of AI-driven financial services in Africa. This study aimed to explore AI's transformative potential in Africa's financial landscape, focusing on its historical development, economic impact, legal considerations, and the comparative dynamics between traditional banking and AI-driven platforms. By utilizing a mixed-methods approach, the methodology encompassed a thorough review of existing literature, legal frameworks, and AI-driven financial models prevalent in Africa. The results underscored the immense potential of AI in revolutionizing financial services, highlighting the growth of fintech, challenges in regulatory compliance, data privacy concerns, and the need for harmonized AI integration strategies. The conclusion emphasizes the transformative power of AI in fostering a more inclusive and efficient financial ecosystem in Africa. However, the journey is riddled with challenges that require proactive measures. Recommendations include stakeholder engagement, establishment of collaborative frameworks between fintech firms and regulatory bodies, and adopting proactive legal measures to ensure AI's ethical and sustainable integration. This study offers valuable insights for policymakers, financial institutions, and tech innovators aiming to harness the potential of AI in Africa's financial sector. Keywords: Financial Technology, AI in Finance, African Financial Ecosystem, Regulatory Compliance.
Oriji et al. (Sat,) studied this question.