VeendHQ, a Nigerian fintech startup, has launched Vida AI, a platform designed to make credit access easier for underserved communities across Africa. The new tool uses artificial intelligence to replace traditional credit assessments with real-time data analysis, promising a fresh approach to tackling financial exclusion.
The company’s CEO and Co-founder, Olufemi Olanipekun, explained that relying on old methods like collateral and bank statements has limited reach. “Any serious attempt to expand credit access in Africa must go beyond traditional bank statements and collateral,” he said. “AI allows us to factor in behavioural, transactional, and mobile usage data that better reflects real-world financial activity.”
With most Africans still excluded from formal lending, Vida AI offers an alternative: smarter profiling through data such as smartphone usage, bill payments, and spending patterns. This marks a shift from rigid credit scores to adaptive models tailored for the informal economy.
Closing Africa’s $330 Billion SME Credit Gap
AI-driven platforms like Vida AI may hold the key to bridging Africa’s $330 billion credit gap for small businesses, according to figures from the International Finance Corporation. By analysing unconventional data in real time, the system offers a clearer view of financial behaviour, making loan approvals faster and default rates potentially lower.Vida AI also comes with a Buy Now, Pay Later option for merchants and features a dashboard where consumers can build and monitor their creditworthiness over time. This is a step toward solving a longstanding problem—millions of Africans lack access to credit simply because they do not have formal credit histories.
“AI is not a silver bullet,” Olanipekun warned. “But if we get it right—if we build with context, local data, and fairness—it could transform financial access for millions.”
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