TLDR: Kenyan artificial intelligence firm, Akili AI, is pushing for a rapid transformation of the country’s banking sector through advanced AI solutions. A recent survey by Akili AI reveals that while over 80% of Kenyan banking executives acknowledge the transformative power of generative AI, only 20% feel prepared for its adoption. The company, in partnership with iXAfrica Data Centres, showcased AI-powered tools designed to reduce operational costs, enhance customer experience, and streamline services like instant loan approvals and multilingual customer support.
Akili AI, a prominent Kenyan artificial intelligence company, is actively working to disrupt and transform the nation’s banking sector with its innovative AI solutions. The firm believes that the Kenyan financial landscape is ripe for a technological overhaul as global industries increasingly embrace cutting-edge AI.
According to Simon Bransfield-Garth, CEO of Akili AI, a company dedicated to driving AI adoption in the African banking and finance sector, even the chief executives of Kenyan banks concur that AI will fundamentally reshape the industry. “The AI revolution in banking is not a distant future; it’s happening now,” stated Bransfield-Garth. He emphasized that Kenyan banks have a significant opportunity to leverage AI to reduce costs, expand their customer base, and foster innovation in an increasingly competitive market, especially with the emergence of new AI-native digital entrants.
During a recent demonstration hosted at iXAfrica Data Centres in Nairobi, Akili AI unveiled a suite of tools specifically tailored for Kenya’s financial sector. These applications include automated customer service capable of operating in various Kenyan vernacular languages, instant account opening and loan approvals that can be processed in minutes rather than days, and AI-powered compliance tools designed to enhance regulatory adherence and reduce associated costs.
Research conducted by Akili AI highlights a critical gap in the sector’s readiness. A survey of senior management and board members from Kenya’s leading banks revealed that over 80% believe generative AI will be transformative. However, adoption rates remain low by international standards, with only 20% of banks indicating they are ‘prepared’ or ‘fully prepared’ for this transition. Bransfield-Garth noted, “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.”
This disparity presents both a challenge and a significant opportunity, particularly as new AI-native digital banks are entering the market with substantially lower cost structures. Data from Akili AI and iXAfrica Data Centres indicates that the cost of customer acquisition for a fully digital bank can be less than one-third that of a traditional bank, while customer management costs can be under one-fifth. This efficiency could enable new players to rapidly gain market share and allow established institutions to build on their existing strengths by deploying new, high-speed services.
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Snehar Shah, CEO of iXAfrica, underscored the collaborative effort, stating, “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.” Beyond the banking sector, Akili AI projects that the potential of AI in Kenya extends to healthcare, education, government, and retail. A key immediate impact highlighted by Akili AI is the ability of AI to reduce the cost of holding and managing cash across the economy, which could significantly boost liquidity and accelerate overall economic activity.
