Unisa students triumph at national risk challenge with innovative AI solution

A team of five students from the University of South Africa (Unisa) has emerged victorious at the 2026 Institute of Risk Management South Africa (IRMSA) Risk Challenge, demonstrating how academic knowledge, innovation and industry mentorship can produce practical solutions to complex societal challenges.

Competing under the name Ulwazi Collective, the students from the College of Economic and Management Sciences (CEMS) impressed judges with their FairCredit App, an innovative solution developed to address potential bias in artificial intelligence (AI) systems used to make financial decisions. The team comprised Koketso Nkapo Matsepe, Musa Nyathikazi, Haniya Sharif, Morgan Moodie and Phathiswa Ngangelizwe, all from the Department of Finance, Risk Management and Banking. Their victory was announced during the IRMSA Conference 2026 at the Gallagher Convention Centre in Johannesburg, where students were challenged to apply enterprise risk management principles to complex business and governance problems.

The team’s winning case study, Bias in Access to Finance Arising from the Use of AI Models: The FairCredit Initiative, explored how algorithmic bias could influence access to financial services and potentially reinforce existing economic inequalities. Rather than limiting their submission to theoretical analysis, the students developed the FairCredit App, translating their research and risk management knowledge into a practical technological solution. As financial institutions increasingly adopt AI to assess creditworthiness and inform lending decisions, questions about fairness, transparency and accountability have become central to responsible technological development.

Although AI can improve efficiency and expand access to financial services, poorly designed or inadequately monitored systems may reproduce biases embedded in historical data or decision-making processes. For individuals and communities already experiencing financial exclusion, such risks can create additional barriers to accessing credit and participating meaningfully in the economy. The Ulwazi Collective recognised this challenge and developed the FairCredit Initiative to explore how responsible AI practices could contribute to fairer financial decision-making.

Their achievement illustrates the importance of equipping graduates with the ability to evaluate emerging technologies critically while identifying opportunities for innovation. It also demonstrates how students can contribute to debates about the ethical use of AI, particularly in sectors where automated decisions can significantly affect people’s economic opportunities. Beyond the competition, the FairCredit Initiative addresses issues central to South Africa’s development priorities and Africa’s digital transformation.

By examining potential discrimination in AI-driven financial systems, the project contributes to discussions about financial inclusion, equitable economic participation and responsible innovation. Its objectives resonate with the United Nations Sustainable Development Goals, particularly SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure) and SDG 10 (Reduced Inequalities). These goals recognise that technological progress should support inclusive economic development rather than deepen existing disparities.

The initiative also speaks to South Africa’s National Development Plan 2030, which prioritises reducing poverty and inequality while expanding opportunities for economic participation. At a continental level, the project reflects the ambitions of the African Union’s Agenda 2063, which envisages an innovative, prosperous and inclusive Africa. As digital technologies become increasingly influential in African financial markets, the ability to identify and manage risks associated with AI will be essential to building systems that serve broader sections of society.

For Unisa, the achievement reinforces the value of connecting teaching and learning with real-world challenges through student-led innovation and engaged scholarship. The team’s mentors, Prof Ashley Mutezo and Dr Suné Maré from the Department of Finance, Risk Management and Banking, praised the students for their dedication, initiative and willingness to exceed the competition’s requirements. “We, as mentors, are extremely proud of the students for this important milestone. The growth and dedication they have shown over the past few months in preparing for this challenge have been extraordinary. They went above and beyond what was required of them for the case study. They actually came up with a real product to solve the problem with the FairCredit App,” they said.

The mentors emphasised that the competition provided students with an opportunity to develop practical problem-solving skills while gaining a deeper understanding of the responsibilities associated with professional risk management. According to Mutezo and Maré, the experience also helped participants appreciate the dynamic nature of the profession and the importance of approaching challenges from multiple perspectives. “These students now understand how to tackle a real-world problem through the eyes of a risk manager. The risk management profession is such a dynamic and vibrant environment; anything is possible. We know these students are now ready for the working environment, and we wish them all the best with their studies and career endeavours,” they said. They further highlighted the importance of engaged scholarship and co-curricular activities in helping students develop professional confidence, teamwork and critical-thinking abilities.

The team’s success demonstrates how academic mentorship, complemented by exposure to industry practitioners, can prepare students to move confidently between theoretical learning and practical application.

For the five students, winning the challenge represented more than national recognition. It was the culmination of months of preparation, collaboration and personal development. Musa Nyathikazi reflected on the considerable effort invested in preparing their submission. “Winning brought light to all the background work we did, the long nights and long meetings,” Nyathikazi said. Team leader Koketso Nkapo Matsepe described the experience as an important milestone in her academic and professional journey.

“This win means more than just the R40 000 prize to me. It has given me confidence, valuable exposure and motivation to continue developing myself,” she said. Morgan Moodie expressed surprise at how far the team progressed in the competition. “I never imagined that we would make the Top 4, let alone take the win,” Moodie said. For Phathiswa Ngangelizwe, the experience reinforced her commitment to pursuing a career in governance, risk and compliance. “Winning the competition was a defining moment for me. It strengthened my passion for governance, risk and compliance and confirmed that this is the path I want to pursue,” she said.

Haniya Sharif attributed the team’s achievement to persistence and confidence in their abilities. “Winning the challenge has shown me that hard work, dedication and believing in your abilities truly do pay off,” she said. Collectively, the students acknowledged the contribution of their academic mentors and industry professionals, whose guidance helped them strengthen their technical understanding, professional judgement and presentation skills.

The Ulwazi Collective’s achievement highlights the growing importance of interdisciplinary skills as AI transforms financial services, governance and enterprise risk management. Today’s risk management professionals must understand not only conventional financial and operational risks, but also emerging challenges involving algorithmic fairness, data governance, technological accountability and ethical decision-making. Through the FairCredit Initiative, the students demonstrated their ability to examine these challenges and develop a solution informed by their academic training.

Their success also illustrates Unisa’s commitment to producing graduates who can think critically, innovate responsibly and contribute to addressing complex economic and societal challenges. By creating opportunities for students to engage with industry and apply their knowledge beyond the classroom, the university continues to strengthen the relationship between higher education, employability and meaningful societal impact. Unisa congratulates Koketso Nkapo Matsepe, Musa Nyathikazi, Haniya Sharif, Morgan Moodie and Phathiswa Ngangelizwe, together with their mentors, Prof Ashley Mutezo and Dr Suné Maré, on their outstanding achievement.

Their victory is a reminder that innovation becomes particularly valuable when it responds to real challenges and creates opportunities for a more equitable and inclusive society.

* By Tebogo Mahlaela and Dr Suné Maré, College of Economic and Management Sciences