Abstract

The rise of artificial intelligence (AI) is reshaping financial services globally, particularly in Sub-Saharan Africa, 
where financial exclusion remains a major challenge. This review explores how AI-powered mobile money services 
are driving financial inclusion among unbanked and underbanked populations, with a specific focus on Nigeria and 
East African countries such as Kenya, Uganda, and Tanzania. Mobile money platforms have revolutionized financial 
transactions, enabling millions without traditional bank accounts to access basic financial services. By leveraging AI 
algorithms, these platforms enhance user experiences, predict creditworthiness, detect fraud, and personalize 
services, thereby fostering trust and inclusivity. The integration of AI in mobile money ecosystems is not only 
improving service delivery and scalability but also enabling the development of microcredit, insurance, and savings 
products for low-income users. Despite its promise, AI adoption faces significant challenges, including data privacy 
concerns, algorithmic bias, infrastructure deficits, and regulatory limitations. This review highlights current 
advancements, key case studies such as M-Pesa and Paga, and policy recommendations aimed at enhancing AI
driven financial inclusion in Sub-Saharan Africa.