Xara, a new WhatsApp-based AI banking assistant, was launched in June 2025 by Nigerian software engineer Sulaiman Adewale, aiming to simplify mobile banking in Nigeria.

Operating within WhatsApp, which is utilized by 95% of Nigeria's 31.6 million social media users, Xara provides an accessible platform for banking services.

The AI assistant allows users to send money, pay bills, and analyze spending through natural language commands, creating a user-friendly chat experience.

In its first two weeks, Xara registered about 10,000 users and processed over ₦135 million ($88,200) in transactions, demonstrating its rapid market adoption.

Financial analysts believe that leveraging WhatsApp for banking could significantly improve financial inclusion in Nigeria, where over 28 million people lack access to financial services.

Experts note that using WhatsApp for banking can further reduce financial exclusion, as it accommodates low-end smartphones and operates effectively in areas with poor network connections.

Despite its success, Xara has faced challenges with its initial payment provider, 9 Payment Service Bank (9PSB), which paused new registrations due to high demand, prompting the team to seek additional banking partners.

Xara is powered by a large language model similar to technologies like ChatGPT, designed to understand natural language commands, including pidgin and English, with plans to incorporate local languages such as Hausa and Yoruba.

User security is a major concern; however, Adewale assures that Xara employs WhatsApp's end-to-end encryption and requires a 4-digit PIN for transaction authorization to protect user data.

Adewale envisions expanding Xara's services beyond Nigeria to other African countries facing similar banking challenges, with plans to integrate additional features like savings plans and e-commerce.

The Central Bank of Nigeria has identified a significant market for Xara, noting that 28 million Nigerians currently lack access to financial services.