Smarter Investing for Everyone: How AI is Changing Financial Advice in Growing Economies

Trent S. Reams and Alex Carter

No 6zqmp_v1, OSF Preprints from Center for Open Science

Abstract: This review explores how artificial intelligence (AI) is improving fraud detection in Africa’s financial advisory services. We examine key use cases—such as anomaly detection, biometric verification, and AI-powered onboarding—across banking and fintech sectors. Drawing on real-world case studies, the review highlights measurable gains in fraud loss reduction and detection accuracy. Challenges including data scarcity, costs, and regulatory constraints are discussed. We conclude with recommendations for localized, responsible AI adoption to build safer and more inclusive financial systems across emerging African markets.

Date: 2025-06-30
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Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:6zqmp_v1

DOI: 10.31219/osf.io/6zqmp_v1

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