VeendHQ Deploys AI to Close Africa’s $330bn SME Credit Gap

Nigerian fintech firm VeendHQ has launched Vida AI, an artificial intelligence-powered platform designed to improve access to credit through smarter, data-driven assessments.

According to CEO and Co-Founder Olufemi Olanipekun, the platform leverages behavioural, mobile, and transactional data—such as utility bills and smartphone usage—to offer fairer credit evaluations, especially for informal workers, small traders, and others excluded by traditional banking.

He stated that any serious attempt to expand credit in Africa must move beyond bank statements and collateral. AI, he explained, allows for more accurate assessments of real-world financial behaviour.

Vida AI automates credit scoring, lowers default risks, and integrates Buy Now, Pay Later options for merchants. It also helps users build and track credit profiles, providing financial access for individuals and small businesses often ignored by legacy banking systems.

Olanipekun noted that despite AI’s growing use in global finance, its application in Africa’s credit markets remains limited. He stressed the importance of transparency, inclusiveness, and ethical deployment, warning that AI is not a silver bullet but could transform financial access if implemented responsibly.

Founded in 2021 and backed by global accelerator Techstars, VeendHQ is among a new wave of African startups addressing structural development gaps through technology.