How AI Can Detect Fraud in African Fintech
- A Visa study found that 71% of people in Kenya have faced online fraud.
- In Nigeria, over 11,500 fraud cases were recorded in just three months of 2024, with losses reaching ₦56.3 billion.
- Criminals use various methods such as identity theft, phishing, and SIM swap scams to commit fraud.
The integration of AI in Africa's fintech sector is crucial for addressing the growing threat of fraud. While challenges remain, such as data quality and regulatory compliance, the potential benefits of enhanced security and operational efficiency make AI adoption a strategic imperative for fintech companies. Continued collaboration between fintechs, regulators, and technology providers will be essential to foster innovation and build a secure digital financial ecosystem.
