Africa’s Next Financial Inclusion Challenge Is Not Access To Banking. It’s Access To Expertise

By Thuthukile Mtshali, Chief Technology and Operations Officer

Beyond Access

Africa has spent the last few decades expanding access to financial services. Millions more people now have bank accounts, digital payment options and access to formal financial systems than ever before. Yet access alone has not translated into widespread wealth creation.

According to the African Development Bank, the continent faces an annual development financing gap of more than $400 billion. While access to capital remains a critical challenge, funding alone will not close this gap. We often talk about Africa’s financing gap, but we spend less time talking about its expertise gap. 

Although funding remains an important hurdle for many entrepreneurs, money alone does not guarantee success. Growing a business also requires informed decision-making, understanding when to expand, where to invest and how to respond to changing market conditions.

The first chapter of Africa’s financial inclusion story was access. The second was connectivity. The third may be expertise. 

The Expertise Gap

Consider a business owner in rural South Africa looking to expand into a new market. Securing funding may be one challenge, but it is rarely the only one. Understanding customer demand, managing cash flow, evaluating risk and identifying growth opportunities can be just as important. Yet access to this kind of expertise remains uneven, particularly for businesses operating outside major economic centres.

This matters because small businesses continue to play a significant role in South Africa’s economy, accounting for roughly one third of the country’s GDP. Across the continent, SMEs account for 40–50% of GDP and over 90% of all businesses. While financial inclusion has improved considerably over the past decade, many entrepreneurs still face barriers when seeking finance, navigating growth opportunities and making complex business decisions.

Scaling Expertise Through Technology

Much of the debate around AI focuses on what we stand to lose. This is understandable. Every major technological shift brings uncertainty. But from where I sit, working at the intersection of technology and financial services, the more important question is what we stand to gain.

The real opportunity lies in AI’s ability to scale expertise. For decades, personalised financial guidance has largely been reserved for those with the resources to access it. Today, AI has the potential to help bridge that gap by making information, insights and decision-support tools available to a much wider audience.

Whether it is helping an entrepreneur evaluate financing options, supporting a business owner with cash-flow planning, or providing a young professional with personalised investment education, AI can help make expertise more accessible at scale.

Africa has already demonstrated that technology can be a powerful driver of financial inclusion. Digital financial services have made it easier for millions of people to participate in the formal economy. The next opportunity lies in making financial expertise just as accessible as financial services themselves.

Across the financial services sector, organisations are already exploring how AI can make expertise more accessible. At Standard Chartered, we are investing in AI to enhance client experiences, improve access to insights and support more informed decision-making. The objective is not to replace human judgement, but to extend its reach.

As demand for personalised financial guidance continues to grow, technology creates an opportunity to make these capabilities available to more people than traditional models ever could. For example, strong growth in our Wealth Solutions business reflects increasing client demand for investment insights, financial planning and wealth-building support.

Why Africa’s Next Generation Matters

By 2050, one in four people globally will be African. The question is whether this generation will have access to the tools, knowledge and opportunities needed to realise its full economic potential.

Africa’s greatest asset is not AI. It is its people. If the next generation enters adulthood with stronger financial literacy, greater investment knowledge and easier access to entrepreneurial support, the impact could extend far beyond individual success. At scale, making expertise more accessible can support broader wealth creation, strengthen economic resilience and accelerate growth across the continent.

We often talk about technology’s ability to automate tasks or improve efficiency. But one of its most powerful applications may be its ability to make expertise more accessible. If a young entrepreneur in Johannesburg, Nairobi or Lagos can access insights that were once available only to large corporates or affluent investors, the economic implications could be profound for an aspiring founder in rural communities such as Lusikisiki, Ulundi or Bushbuckridge as well.

Trust Will Determine Success

Yet democratising expertise is not simply a technology challenge. It is a trust challenge.

South Africa’s ongoing discussions around AI policy are a reminder that access matters. New technologies create opportunities, but those opportunities are not always shared equally. The challenge is to ensure that more people and businesses can benefit from them.

The question is not whether Africa adopts AI but whether more Africans can participate in the opportunities it creates. Without deliberate action, there is a risk that AI could widen existing gaps rather than narrow them. That is why responsible deployment, strong governance and thoughtful regulation matter.

Africa should not simply consume AI developed elsewhere. We should help shape how it is built, governed and deployed in ways that reflect our own priorities and realities.

A New Chapter for Financial Inclusion

The African continent cannot rely solely on traditional approaches to growth. Closing the $400 billion gap will require investment, innovation and stronger financial ecosystems. It will also require broader access to the insights and expertise that help individuals and businesses turn opportunity into growth.

The future of AI in Africa should not be measured by the number of processes it automates or the efficiencies it delivers. It should be measured by how effectively it expands access to opportunity, supports entrepreneurship and helps more people participate in the economy equitably.

The first chapter of Africa’s financial inclusion story was access. The second was connectivity. The third may be expertise. For Africa, the next frontier of financial inclusion is not access to banking. It is access to expertise.