How AI Can Help Expand Financial Inclusion and Make Further Change

A major portion of the world still does not have access to essential financial services. A lack of infrastructure, high default rates, and more still prevent these individuals from accessing services that are necessary in the modern age. By keeping these individuals excluded, the continent experiences economic stagnation, where various individuals and businesses have limited opportunities for success. This wide financial inclusion gap is a massive challenge that current and aspiring business owners across the globe face.

Plus, traditional credit scoring systems still rely on credit bureau data, which often isn't adequate. This leaves many creditworthy businesses and individuals without access to formal financial services.

One potential solution to these frustrating issues comes from Tobi Martins, a fintech expert and the co-founder and CEO of Motito. Motito is a pioneering credit-led asset finance company looking to make significant changes in the world of financial inclusion. As a company, they're working to overcome the many shortcomings of conventional credit scoring methods and bridge the gap between businesses and Financial services using artificial intelligence (AI).

Motito's financial transaction analysis engine is a massive shift in the realm of credit assessment. Using AI algorithms and alternative data sources from mobile money platforms paint a more comprehensive picture of an individual's financial status. Thanks to this clearer picture, Motito and its partners can offer credit to individuals with limited or even no formal credit history.

Martins remains committed to using technology for social good. Beyond his entrepreneurship, Tobi Martins is an active participant in industry associations like the "Leaders Excellence at Harvard Square." He supports policies and initiatives that promote growth and innovation in the fintech sector.

A Long History of Innovation

Before launching Motito, Martins spent a decade building his skills in fintech and leadership in various tech startups. He was a chapter lead and key engineering team member at mPharma, a major credit-led healthcare financing and supply chain company. Martins' contributions were massive in the company's early growth, showing the importance of an innovative perspective coupled with the use of modern technology. Tobi Martins is passionate about using technology as a tool to bring about positive social impact.

Through his experiences at these many startups, Martins developed a deep understanding of the technology landscape and the many challenges individuals and businesses face without traditional access to financial services. These experiences fueled his vision for Motito and helped him develop Motito's mission to improve financial inclusion using technology like AI.

The Future of This Journey

The journey doesn't stop here. There's a lot more work that needs to be done, and Martins is incredibly aware of it. Central Banks need to adapt their regulatory frameworks to keep up with technological advancements, which only get faster by the day, whilst ensuring implementation and consumer protection.

There also needs to be greater collaboration between government entities, financial institutions, and fintech companies to expand financial literacy and build trust in new solutions, especially AI-related ones. Addressing the elephant in the room by creating better financial infrastructures would reduce the digital divide and help bring new opportunities to remote areas.

AI Across Borders

Martins isn't the only fintech expert starting to use new technology like artificial intelligence. AI and alternative data use is becoming a significant industry trend. Companies worldwide are beginning to address financial inclusion using these technologies and are starting to overcome major challenges thanks to them.

Newer initiatives like those with Mobile Money operators like M-Pesa are transcending geographical boundaries. By leveraging extensive user data, these operators can introduce new financial products like Mobile Money (Momo) loans to users in need. Momo loans are small, repayable loans that help people build up their credit. Plus, companies similar to Motito, like Tala, are already using alternative data sources like mobile phone usage to help evaluate creditworthiness.

Social lending platforms facilitate direct connections between individuals and lenders, so consumers aren't obligated to go through conventional banking channels. Other emerging technologies, like psychometric assessments, are starting to let companies use personality traits to forecast creditworthiness alongside AI solutions. By combining these many methods to determine creditworthiness, more inclusive and sustainable financial relationships are built globally.

In a world of so much information and technology, Martins has been able to identify the most useful aspects and combine them to form solutions that help individuals worldwide. His methods are reshaping how credit is assessed and democratizing access to financial services for millions of people worldwide. Few put it as succinctly as he does: "In the tapestry of progress, each thread of innovation weaves a narrative of possibility. Motito isn't just a platform; it's a bridge connecting dreams to reality, powered by the boundless potential of AI and fueled by our collective ambition for a better tomorrow."