Fintech and AI in WAEMU: financial ecosystem players call for transformation centered on real population needs

Participants, including Awa Gueye, Regional Director of Public Policies at Wave Mobile Money Group, and Dr. Corinne Biba Nikiéma/Konseiga, Technical Support Officer at the National Agency for the Promotion of Inclusive Finance ANPFI, emphasized the need for digital finance to offer personalized, inclusive, and adapted solutions to daily realities. They highlighted that the success of mobile money, with over 148 million accounts opened in the WAEMU region according to the Central Bank of West African States BCEAO, stems from its simplicity and ability to meet basic needs like sending money, paying for purchases, and settling bills. The next step involves leveraging artificial intelligence to personalize financial services by analyzing user data such as transaction frequency, amounts, and income seasonality.

This data can inform alternative credit scoring mechanisms, bridging the gap between traditional banks and agile fintechs. Financial education is also crucial, with initiatives like the partnership between Wave and ANPFI providing training, particularly for women in rural areas, in Burkina Faso, Côte d'Ivoire, and Senegal. Dr. Nikiéma/Konseiga stressed that innovation must be useful and address real needs, operating within a secure regulat