Abuja: A Nigerian based in the United States, Michael Adegbite, has developed SquadSave, a digital savings platform that leverages adaptive algorithms to help users collectively manage and grow their finances. Adegbite told the News Agency of Nigeria (NAN) in a telephone interview that the Artificial Intelligence-powered tool simplifies and personalises financial decision-making for underserved users.
According to News Agency of Nigeria, the platform draws on the principles of rotating savings and credit associations (ROSCAs) and is designed to support individuals who may lack consistent income or formal credit histories. Adegbite’s interest in inclusive finance was shaped by academic research into ‘Bank Lending Practices and Credit Management in Nigeria,’ which highlighted how traditional credit systems fail to accommodate individuals operating in the informal economy.
Adegbite said the platform’s intelligent features track contributions, optimise payouts, and 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 and underbanked communities, using machine learning models capable of adapting to irregular cash flows, limited documentation, and other constraints that often limit access to traditional financial services.
He emphasised that the approach focuses on accessible design and localised financial literacy, making fintech innovation more relevant to the people it is intended to serve. NAN reports that Adegbite has participated in forums exploring the responsible application of data and algorithms in consumer finance, advocating for transparency, fairness, and safeguards against algorithmic bias.
His work spans North America, Africa, and emerging efforts in Latin America, aiming to bridge the digital divide by equipping historically excluded populations with tools for economic participation.