Technology will not replace Africa’s financial advisers. It will expand access to advice

Summary

This piece argues that, unlike predictions elsewhere of AI replacing financial advisers, technology in Africa is more likely to broaden access to financial guidance than to displace human advisers. Low levels of financial literacy and limited access to advisors mean the continent’s problem is availability, not redundancy.

Fintechs such as PiggyVest, Cowrywise, Bamboo and Risevest, alongside platforms and infrastructure like TymeBank and M-Pesa, are scaling savings, investment and payments services to millions, offering objective, low-cost guidance at scale. However, trust remains a major obstacle: many people prefer relationship-based solutions like ajo/esusu because of accountability and cultural fit. The article stresses that humans provide empathy and cultural understanding that technology alone cannot, and regulators must set clear rules to avoid creating a two-tier system where only the wealthy get personalised advice.

The conclusion: the future is complementary — machines for scale and data, people for trust and nuance — but success hinges on fairness, transparency and trust-building by fintechs and policymakers.

Key Points

Africa’s problem is access to advice: most adults have little financial knowledge and few have ever used a professional adviser.
Fintech platforms are scaling savings and investment services to millions at low cost (examples: PiggyVest, Cowrywise, Bamboo, Risevest).
Digital platforms can offer more objective, commission-free recommendations in theory, reducing conflicts of interest.
Trust is the core challenge — many prefer community savings schemes built on relationships rather than faceless tech.
Human advisers add value where apps fall short: empathy, cultural context and reassurance during uncertainty.
Regulators need clear frameworks on fairness, bias and accountability to prevent a two-tier advisory system.
The likely outcome: human and machine working together to democratise advice, provided trust and fairness are prioritised.

Why should I read this?

Short version: if you care about fintech in Africa, this matters. The article cuts through the alarmist AI rhetoric and shows how tech could actually get real financial advice into the hands of millions — but only if companies and regulators sort out trust and fairness. It’s a quick, practical take on who wins and who loses as digital advice scales.

Context and relevance

This is important for investors, policymakers and product teams working in African financial services. It ties into bigger trends: rapid fintech adoption, low formal financial literacy, the social role of informal savings groups, and evolving regulatory responses to digital lenders and robo-advice. The piece suggests that scaling advice responsibly could significantly raise financial inclusion across the continent.