Nigerian fintech company VeendHQ has introduced Vida AI, a cutting-edge platform aimed at broadening credit access through data-driven and intelligent credit assessments.

According to VeendHQ’s Chief Executive Officer and Co-Founder, Olufemi Olanipekun, artificial intelligence holds immense potential in addressing the persistent issue of financial exclusion across Africa.

“Expanding access to credit on the continent requires more than traditional methods like bank statements and collateral,” Olanipekun stated. “AI enables us to consider behavioural patterns, transactions, and mobile usage data—factors that more accurately reflect individuals' financial realities.”

Vida AI automates credit evaluations, lowers the risk of loan defaults, and opens up financial opportunities for individuals and small businesses often overlooked by conventional banking systems. The platform utilizes machine learning algorithms to analyze alternative data, including utility payments, smartphone usage, and personal spending habits, to determine creditworthiness.

While AI is widely adopted in financial systems around the world, its application in African credit markets remains limited. Critics argue that conventional credit scoring methods often marginalize informal sector workers, small-scale entrepreneurs, and first-time borrowers without established credit histories.

“We can't build inclusive economies if we rely solely on outdated credit scoring systems,” Olanipekun noted. “AI offers a more accurate and equitable way to assess financial risk.”

Vida AI also integrates Buy Now, Pay Later (BNPL) options at points of sale for merchants and provides users with tools to build and monitor their credit profiles over time.

Industry experts suggest that innovations like Vida AI could play a critical role in addressing Africa’s estimated $330 billion credit gap for small and medium-sized enterprises, as reported by the International Finance Corporation. By enabling real-time risk evaluation and faster decision-making, AI technologies can streamline loan approvals and reduce default rates.

However, concerns about data privacy, algorithmic fairness, and regulatory oversight persist. Observers urge fintech innovators and policymakers to prioritize transparency, inclusivity, and ethical deployment of AI in financial services.

“AI isn’t a magic fix,” Olanipekun emphasized. “But if developed with local context, fair data, and integrity, it has the power to transform financial access for millions.”

Founded in 2021 and supported by global accelerator Techstars, VeendHQ is part of a growing movement of African startups leveraging technology to address longstanding development challenges. With the launch of Vida AI, the company is setting out to redefine financial inclusion across the continent.