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Financial inclusion: The ADB finances an artificial intelligence system for claims management in Ghana, Rwanda, Zambia

08/02/2021
Categories: Economy/Forex

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The African Development Bank has funded a project to manage customer complaints using artificial intelligence on behalf of the national banks of Ghana, Rwanda and the Zambia Free Competition and Consumer Protection Commission. The sum of 1.024 million US dollars was approved on December 17, 2020

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The financial support is intended for the implementation of a claims management system for the regulators benefiting from the system, based on the use of multilingual chatbots and artificial intelligence.
The project will record complaints from financial services customers, including illiterate customers (via audio), and monitor their processing by financial service providers (PSF).
Ultimately, the project will better track the processing of financial services clients' claims; strengthen the care of marginalized groups, which strengthens trust in the ecosystem and the use of financial services; and develop consistent data collection for consumer protection policy development.
The financing was provided by the AfDB group's special fund for the Facility for Digital Financial Inclusion in Africa (ADFI). The solution will be developed by Sinitic Africa, a subsidiary of Sinitic SA, a Canadian-based fintech company, in collaboration with BFA, a consulting firm that is a leader in regulatory studies.
About ADFI
The African Digital Financial Inclusion Facility (ADFI) is a pan-African instrument designed to accelerate digital financial inclusion across Africa, with the aim of ensuring that 332 million additional Africans, 60% of whom are women, have access to the formal economy. The Board of Governors of the African Development Bank approved the instrument for the creation of the ADFI Special Fund in May 2018 at the Annual Meetings of the African Development Bank Group held in Busan (South Korea). ADFI's donors are the French Development Agency (AFD), the Ministry of Economy and Finance of the French Republic, the Ministry of Finance in the Grand Duchy of Luxembourg, the Bill and Melinda Gates Foundation, and the African Development Bank, which also hosts the fund.
About Sinitic
Sinitic is a fintech company under Canadian law created in 2017. Its activities are focused on the development of localized solutions to improve the customer experience through Artificial Intelligence (AICX), to share the benefits of conversational artificial intelligence (AI) with the five billion non-English speakers - regardless of gender, geographic location, income, and education. Sinitic operates in a number of countries, including Canada, China, Malaysia, Malta, Rwanda, and India. In 2019, Sinitic SA created Sinitic Africa (Pty) Limited, which is a special-purpose entity, meeting the need for rapid customer complaint management solutions for African central banks. Sinitic Africa (Pty) Limited is a company incorporated under South African law wholly-owned by Sinitic SA

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