VeendHQ, a Nigerian fintech firm, has launched Vida AI, a new platform designed to expand access to credit through smarter, data-driven assessments.
Olufemi Olanipekun, Chief Executive Officer and Co-Founder of VeendHQ, has described artificial intelligence as a powerful tool for breaking the cycle of financial exclusion in Africa.
Olanipekun said, “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.”
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.
Olanipekun said, “We can’t build inclusive economies if we continue to rely solely on paper qualifications and legacy credit reports. With AI, we can evaluate risk more fairly and more accurately.”
VeendHQ’s new tool integrates “Buy Now, Pay Later” services at point of sale for merchants and offers users access to its digital platform that helps consumers build and track their credit profiles over time.
Experts believe such innovations could be pivotal in closing Africa’s estimated $330bn credit gap for small and medium-sized enterprises, according to the International Finance Corporation. By enabling real-time risk profiling and quicker decision-making, AI can streamline the loan approval process while minimising default rates.
However, concerns remain over data protection, algorithmic bias, and regulatory oversight. Stakeholders are calling on fintech firms and governments to ensure transparency, inclusiveness, and ethical deployment of AI-driven credit systems.
However, Olanipekun added, “AI is not a silver bullet. But if we get it right, if we build with context, local data, and fairness, it could transform financial access for millions.”
VeendHQ, founded in 2021 and backed by global accelerator Techstars, is one of a growing number of African startups using technology to solve deeply rooted development challenges. With the launch of Vida AI, the company is aiming to reshape the way financial inclusion is delivered across the continent.
