AI Reshaping Africa’s Digital Banking, but Trust Remains Critical – Dr Opoku-Afari
Artificial intelligence (AI) is moving to the centre of Africa’s digital banking ecosystem, simplifying user interactions and automating processes ranging from customer support to credit decisions, former First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, has observed.
In an article for Digital Banker Africa Magazine, Dr Opoku-Afari explained that AI-driven credit assessment tools are increasingly drawing on alternative data such as mobile usage, transaction patterns, and behavioural signals to gauge risk and price loans.
This, he noted, allows individuals without formal credit histories to access financing, broadening inclusion while improving risk differentiation for lenders.
But he cautioned that convenience must be carefully balanced with safety. While chatbots and self-service tools provide 24/7 access and resolve customer issues more efficiently, the broader ecosystem must also prevent cyber fraud, protect data privacy and uphold ethical standards.
“Trust remains a cornerstone,” Dr Opoku-Afari stressed, calling for strong guardrails as AI adoption deepens.
He pointed to South Africa’s TymeBank as a case in point, offering low-cost transactional accounts, high-yield savings and round-the-clock digital assistance to underserved, low-income customers.
According to him, such models demonstrate how partnerships between agile fintechs and risk-conscious banks can deliver customer-centric solutions without undermining financial stability.
A clear trend, he added, is the blending of fintechs’ speed in product development with the risk management rigour of traditional banks, producing solutions that “delight and protect” customers.
The ultimate goal is to strike a balance between financial inclusion and financial stability, especially as services shift from physical branches to omnichannel digital platforms.
With modern African consumers expecting seamless, always-on access to financial services, Dr Opoku-Afari argued that banks and fintechs must commit to collaboration, innovation and sustained investment in trust-building—from fraud prevention to data privacy and the ethical use of AI.
