The Nigerian fintech firm VeendHQ has launched Vida AI, a new platform designed to expand access to credit through smarter, data-driven assessments.
The Chief Executive Officer and Co-Founder of VeendHQ, Olufemi Olanipekun, has described artificial intelligence as a powerful tool for breaking the cycle of financial exclusion in Africa.
“Any serious attempt to expand credit access in Africa must go beyond traditional bank statements and collateral. AI allows us to factor in behavioural, transactional, and mobile usage data that better reflects real-world financial activity,” Olanipekun said in a note with The PUNCH.
Vida AI is designed to automate credit assessments, reduce loan defaults, and provide access to credit for individuals and small businesses often excluded by legacy banking systems. The platform applies machine learning to alternative data sets, such as utility bills, smartphone usage, and spending patterns, to evaluate creditworthiness.
Although AI’s use in global financial systems is well established, its application in African credit markets remains limited. Analysts argue that traditional scoring methods often exclude informal workers, small traders, and first-time borrowers with no formal credit history.
