Artificial intelligence (AI) and mobile money data can bridge Africa's gender financing gap. This technology can provide women entrepreneurs with access to credit, financial advice, and cross-border markets. Otema Yirenkyi, Co-founder and Operations Director of Because She Can, discussed this at a panel in Accra.
Ms. Yirenkyi explained that technology helps financially excluded women build credibility. This happens even when they lack formal bank accounts. Fintech firms can analyze mobile money transaction histories and business patterns using machine learning systems. This allows them to make informed lending decisions for informal traders and small business owners. She stated that mobile money transactions tell a story about how businesses operate and how money flows through them.
This approach aligns with Ghana’s broader push for digital inclusion and economic empowerment. Mobile money penetration in Ghana is high, offering a vast dataset for such analyses. Financial inclusion remains a key goal for policymakers to reduce poverty and stimulate small businesses. Utilizing these digital footprints can unlock economic potential for many unbanked or underbanked individuals, especially women. This initiative complements government efforts to formalize the informal sector and boost overall economic participation.
Ms. Yirenkyi shared her experience building an AI-powered loan decision engine. This supports women-owned businesses that traditionally struggle to access credit. She noted that generative AI tools also help entrepreneurs manage inventory and production planning. These tools assist in preparing loan applications, providing insights before financial advisors are needed. Technology is reducing operational barriers for small businesses, particularly in fashion and retail, by offering affordable digital marketing tools.
The implications are significant for Ghana's digital economy and women's empowerment. Increased financial access can lead to the growth of female-led businesses, creating jobs and boosting local economies. The need for borderless digital payment systems is also critical. These systems support Africa’s growing freelance and remote work economy. Many women in Ghana and neighboring countries are acquiring digital skills for freelance opportunities. However, payment limitations currently hinder their expansion.
Challenges remain despite the progress in digital inclusion. Access to hardware like laptops or desktops is a major obstacle for women entering technology careers. Ms. Yirenkyi emphasized that a mobile phone is insufficient for advanced tech work. She also criticized workplace bias and unsafe corporate environments. These factors often push women out of the technology industry. Creating safer and more inclusive workspaces is essential for long-term female participation in the digital economy. Decision-makers must address these issues to fully harness the potential of AI and mobile money for economic development.