Akili AI: Kenyan AI company seeks to disrupt, transform Kenyan banking sector

A local artificial intelligence firm, Akili AI, believes that the Kenyan financial sector is ripe for disruption as the world adapts to cutting-edge technology.

The firm believes AI will help Kenyan banks and financial outlets redefine competition, profitability, and customer engagement.

Simon Bransfield-Garth, the CEO of Akili AI, a company driving the adoption of artificial intelligence in the African banking and finance sector, says that even the CEOs of Kenyan banks agree that AI will transform the sector.

“We did a survey of senior management and board members from the country’s leading banks, and over 80% agreed that generative AI will be transformative for the sector,” says Bransfield-Garth.

“However, adoption rates are low by global standards, with just 20% of banks saying they are ‘prepared’ or ‘fully prepared’ for this transition. We have met some who say they will be out in three years, so matters AI will be handled by their successor, but ChatGPT is turning three in a few months, and we have seen how much it has transformed the world.”

Speaking during a demonstration hosted at iXAfrica Data Centres in Nairobi, Akili AI showcased tools they say are tailored for Kenya’s financial sector.

Some of the applications are: automated customer service in Kenyan vernacular languages, instant account opening and loan approvals in minutes, not days, and AI-powered compliance tools to enhance regulatory adherence.

“The AI revolution in banking is not a distant future; it’s happening now,” said Bransfield-Garth.

“Kenyan banks have the opportunity to embrace AI to reduce costs, reach more customers, and innovate, in a market that is likely to become increasingly competitive with new digital entrants, including AI-native challengers.”

“We have the infrastructure, talent, and market readiness to lead in AI adoption in Kenya, but AI is moving at unprecedented speed, and action is needed by companies today, not tomorrow,” said Snehar Shah, CEO of iXAfrica.