Artificial Intelligence for Financial Inclusion: AI-Powered Mobile Money Services in Sub-Saharan Africa

The rise of artificial intelligence (AI) is reshaping financial services globally, particularly in Sub-Saharan Africa, where financial exclusion remains a major challenge. This review explores how AI-powered mobile money services are driving financial inclusion among unbanked and underbanked populations, with a specific focus on Nigeria and East African countries such as Kenya, Uganda, and Tanzania. Mobile money platforms have revolutionized financial transactions, enabling millions without traditional bank accounts to access basic financial services. By leveraging AI algorithms, these platforms enhance user experiences, predict creditworthiness, detect fraud, and personalize services, thereby fostering trust and inclusivity. The integration of AI in mobile money ecosystems is not only improving service delivery and scalability but also enabling the development of microcredit, insurance, and savings products for low-income users. Despite its promise, AI adoption faces significant challenges, including data privacy concerns, algorithmic bias, infrastructure deficits, and regulatory limitations. This review highlights current advancements, key case studies such as M-Pesa and Paga, and policy recommendations aimed at enhancing AI-driven financial inclusion in Sub-Saharan Africa.