Ghana’s AI-powered Banking App: Budget, Save, Invest

Ghana has impressively caught up with artificial intelligence and has already begun leveraging its power to birth services and products.

Regardless of the numerous controversies surrounding the subject, artificial intelligence has proven beyond a reasonable doubt that it is here to make life simple. For instance, in banking, artificial intelligence is assisting with detecting fraud activities and improving financial services. In healthcare, clinicians are combining their knowledge with artificial intelligence to improve methods and better results for patients.

In April, we reported that a Ghanaian startup Zetta was leveraging the power of artificial intelligence to detect early autism signs in children. Zetta’s innovation is a substantial kickoff for the country.

Similarly, a team of five brilliant individuals wants to disrupt the fintech ecosystem. Namely: Simon-Peter Osarfo Diawuo, Adam Tetteh Nsiah, Samuel Owusu, Lakyiere Alice Bagyiereyele, and Derrick Asante, the team is set to launch an AI-powered app called Kakraba and will be available on Android and iOS.

Kakraba is a digital mobile banking app that aims to provide a better, more customized digital experience for users in the university. The app is focused on assisting Ghanaians especially the youth to make better and informed financial decisions by providing relevant financial information and transformative financial education. Concurrently, the app will inculcate the habit of budgeting, saving, and investing into the youth. With Kakraba, users can experience virtual assistant experiences and perform transactions from the comfort of their homes.

Kakraba initially started as a blog that sought to educate people on personal finance thus, budgeting, saving, and investing. It was later developed into a fintech platform where people could seamlessly perform transactions.

The multi-faceted app has been organized into Budgets, Savings & Investments, and Academy. The budget feature gives users the option of tracking their expenses. The savings and investments option assists people to save towards a goal and ensures that they are committed to the goal.

Finally, the Academy option gives financial news updates and allows users to be privy to financial information or tips of their choice.

Kakraba is a product of the Hacklab Hackathon 2021 Edition. The virtual hackathon brought together over 800 participants from 20 tertiary institutions, 50+ speakers and facilitators, 50 mentors, and coaches to discuss innovative ways of leveraging artificial intelligence to drive digital transformation in Africa.

The hackathon focused on areas such as Agriculture, Financial Technology, Healthcare, eCommerce, Mobility, the Internet of things, Education, and Communication.

After successful pitching, Team Bernoulli, the brains behind Kakraba, emerged winners in the AI fintech category. The team is currently going through the acceleration stage of the hackathon.

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