Michael Adegbite, a Nigerian based in the United States, has developed SquadSave, a digital savings platform. It leverages Artificial Intelligence to help users collectively manage and grow their finances.
About SquadSave
SquadSave is an Artificial Intelligence-powered tool that simplifies and personalizes financial decision-making. It is designed for underserved users. The tool draws on the principles of rotating savings and credit associations (ROSCAs).
SquadSave is designed to support individuals who lack consistent income or formal credit histories. It aims to improve inclusive finance.
Speaking on what led to the idea behind SpendSave, Adegbite said his interest in inclusive finance was first shaped by academic research. This research was on “Bank Lending Practices and Credit Management in Nigeria.”
”The study highlighted how traditional credit systems often fail to accommodate individuals operating in the informal economy. These individuals include small-scale entrepreneurs and unbanked populations.
”These insights informed my professional focus on using technology to improve access to financial services for those excluded from conventional systems,” he said.
Adegbite said the platform’s intelligent features track contributions and optimize payouts. Besides, they provide culturally relevant financial insights to users who may be new to digital banking.
“These tools are tailored to reflect the realities of informal economies. They are designed for underbanked communities.
”The systems use machine learning models capable of adapting to irregular cash flows, limited documentation, and other constraints that often limit access to traditional financial services,” he pointed out.
Adegbite said the approach emphasises accessible design and localised financial literacy, making fintech innovation more relevant to the people it is intended to serve. (NAN)
