Nigerian fintech company, VeendHQ, has unveiled Vida AI, a cutting-edge platform aimed at improving access to credit through advanced, data-driven evaluations.
Speaking during the launch, VeendHQ’s CEO and Co-founder, Olufemi Olanipekun, described artificial intelligence as a crucial lever for tackling financial exclusion across Africa.
“To truly widen access to credit in Africa, we must move beyond traditional bank statements and collateral,” Olanipekun said. “AI enables us to incorporate behavioural, transactional, and mobile usage data that better represent people’s actual financial lives.”
Vida AI automates credit assessments using machine learning and alternative data sources such as utility payments, smartphone activity, and consumer spending habits.
The platform is designed to lower default rates and extend credit to individuals and small businesses that are typically left out by traditional banking systems.
While AI adoption in global finance is growing rapidly, its application within Africa’s credit landscape is still limited. Experts say existing credit scoring models often exclude informal sector workers, small-scale traders, and those without established credit histories.
“We can’t build inclusive economies if we rely only on paper credentials and outdated credit reports,” Olanipekun added. “With AI, we can make risk assessments that are not only fairer but also more accurate.”
Beyond credit scoring, Vida AI integrates Buy Now, Pay Later options at point-of-sale locations and offers users a digital platform to monitor and build their credit profiles over time.
According to the International Finance Corporation, Africa’s small and medium-sized enterprises face a financing shortfall of over $330 billion. Innovations like Vida AI could play a vital role in bridging this gap by enabling faster, real-time lending decisions while reducing risks for lenders.
However, the rise of AI in finance has also raised concerns around data privacy, algorithmic bias, and regulatory oversight. Industry stakeholders are urging fintechs and regulators to prioritise transparency, ethical AI practices, and localised data models.
“AI isn’t a magic fix,” Olanipekun cautioned. “But with the right safeguards and contextual understanding, it can revolutionise access to finance for millions across the continent.”
Founded in 2021 and backed by global accelerator Techstars, VeendHQ joins a growing wave of African tech startups tackling long-standing development issues through innovation.
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With the rollout of Vida AI, the company aims to redefine how inclusive finance is delivered across Africa.
