Sparc Systems Limited has urged the Bankers Association of Malawi (BAM) to leverage Artificial Intelligence (AI) to enhance financial inclusion and combat financial cybercrime.
The company’s Managing Director, Wisely Phiri, said this at BAM’s Annual General Meeting in Mangochi District.
He said AI-driven solutions are key in addressing issues of financial literacy as well as closing the digital divide between the rural and urban communities.
Phiri said in addition to targeting the core banking system, their solutions are designed to reach people in villages, most of whom do not use smartphones but rely on Unstructured Supplementary Service Data (USSD).
He said through AI solutions, users can interact with computers to conduct transactions and access financial services.
On financial literacy, Phiri said despite banks having branches in rural areas, they cannot employ so many people to work there, therefore AI solutions are helping to check financial behaviour among the rural community and provide advice.
