AI for women’s financial inclusion—analysis of product design and policy approaches in Nigeria

Abstract Nigeria has a significant gender financial inclusion gap with women disproportionately represented among the financially excluded. Artificial intelligence (AI) powered financial technologies (fintech) present distinctive advantages for enhancing women’s inclusion. This includes efficiency gains, reduced transaction costs, and personalized services tailored to women’s needs. Nonetheless, AI harbours a paradox. While it promises to address financial inclusion, it can also inadvertently perpetuate and amplify gender bias. The critical question is thus, how can AI effectively address the challenges of women’s financial exclusion in Nigeria? Using publicly available data, this research undertakes a qualitative analysis of AI-powered Fintech services in Nigeria. Its objective is to understand how innovations in financial services correspond to the needs of potential users like unbanked or underserved women. The research finds that introducing innovative financial services and technology is insufficient to ensure inclusion. Financial inclusion requires the availability, accessibility, affordability, appropriateness, sustainability, and alignment of services with the needs of potential users, and policy-driven strategies that aid inclusion.