FBMC is a pivotal system in 5G, serving as a cornerstone for efficient use of available bandwidth while simultaneously meeting stringent requirements for high spectral efficiency. Notably, FBMC harnesses the power of multicarrier modulation (MC), a good alternative to orthogonal frequency division multiplexing (OFDM) technology that supports fourth-generation (4G) systems. The wireless communications field is full of challenges, the most important of which are channel estimation and interference cancellation, both of which deserve comprehensive study to increase the efficiency of data transmission. In this paper, our investigation takes a deliberate step towards the convergence of two prominent modulation models: OFDM and FBMC. We specifically contrast these modulation techniques with the intricate field of joint channel estimation and interference cancellation (JCEIC). In this research study, we take advantage of recurrent neural networks' (RNNs') efficiency as a vehicular channel to perform precise channel estimation and recovery of uncorrupted transmitted signals, thereby lowering the bit error rate (BER). Our channel estimation for a dual selective channel is based on the thoughtful placement of pilots scattered over the temporal and frequency dimensions, and is further improved by the interference cancellation method of low complexity that was selected. Our JCEIC proposal aims to integrate RNNs carefully, using the output sequences of JCEIC algorithms as useful inputs to this neural architecture. By clearly demonstrating a decrease in BER as compared to traditional approaches, it is evident that the performance of the novel approach is near to that of a perfect channel. Additionally, a comparison of the performance of FBMC and OFDM systems at various signal-to-noise ratios reveals a clear performance divide that favors the former in terms of system efficiency. The BER is restricted by FBMC to a commendable threshold of less than 0.1 at a modest 5 dB, continuing the higher trend started by its improved RNN-based channel estimate. The accuracy of channel estimation is clearly improved by this paradigm shift, and the computing complexity typical of 5G networks is also clearly reduced.