Leveraging AI and Technology to Optimize Financial Management and Operations in Microfinance Institutions and SMEs

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@article{1706768,
      author = {Hope Ehiaghe Omokhoa, Chinekwu Somtochukwu Odionu, Chima Azubuike, Aumbur Kwaghter Sule},
      title = {Leveraging AI and Technology to Optimize Financial Management and Operations in Microfinance Institutions and SMEs},
      journal = {Iconic Research And Engineering Journals},
      year = {2024},
      volume = {8},
      number = {6},
      pages = {676-685},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1706768.pdf},
      abstract = {Microfinance Institutions (MFIs) and Small and Medium Enterprises (SMEs) are vital in fostering economic growth and financial inclusion, particularly in underserved communities. However, these sectors often face significant challenges in financial management, including resource constraints, inefficiencies, and limited access to advanced tools. This paper explores the transformative potential of Artificial Intelligence (AI) and technology in optimizing financial management and operations for MFIs and SMEs. It highlights key applications, such as credit risk assessment, fraud detection, and customer segmentation, while emphasizing operational benefits like automated loan processing, enhanced customer service, and streamlined bookkeeping. Despite the immense promise of these technologies, barriers such as high costs, lack of expertise, and infrastructure limitations persist. The paper also addresses ethical considerations, including data privacy concerns and biases in AI algorithms, and proposes actionable recommendations to overcome these challenges. By leveraging partnerships, scalable solutions, and robust regulatory frameworks, MFIs and SMEs can unlock the full potential of AI, achieving greater efficiency and financial inclusion.},
      keywords = {Artificial Intelligence, Financial Management, Microfinance Institutions (MFIs), Small and Medium Enterprises (SMEs), Financial Inclusion, Ethical AI},
      month = {December},
  }