First-of-its-kind AI-powered credit decisioning solution delivering instant approvals, fraud prevention, and seamless repayment collections for banks, lenders, and merchants
Vida AI, the continent’s most advanced artificial intelligence-powered credit decisioning platform, officially launched today to revolutionize how financial institutions, merchants, and lending organisations make credit decisions across Africa. The comprehensive solution addresses critical challenges in the financial sector including lengthy approval processes, high default rates, and identity fraud.
“Vida represents a fundamental shift in how credit decisions are made in Africa,” said Olufemi Olanipekun CEO and Co Founder of VeendHQ. “By leveraging advanced AI we’re enabling financial institutions to make faster, safer, and more profitable lending decisions while expanding financial inclusion across the continent.”
Addressing Critical Market Challenges
The African financial services sector faces significant challenges, with an estimated 300 million adults across the continent lacking access to formal credit, according to the African Development Bank.
Vida’s AI-powered decision engine closes this gap by leveraging comprehensive data analysis, examining bank statement patterns, alternative data sources, and cash flow trends. This enables the creation of comprehensive, dynamic credit profiles that accurately reflect real financial capacity, rather than just legacy credit scores. As a result, lenders using Vida can reduce turnaround time while maintaining robust risk management policies and reducing default rates, enabling safe expansion into underserved and previously unbanked markets.
Key features of the Vida platform include:
- Instant Credit Decisions: AI-powered analysis that delivers credit approvals in seconds rather than days
- Advanced Identity Verification: Multi-source data validation and liveliness check to prevent fraud and identity theft
- Seamless Repayment Collections: Direct bank account integration to ensure reliable collection.
- Comprehensive Credit Profiles: A 360-degree view of customer financial behavior and creditworthiness
- API Integration: Easy implementation into existing systems with minimal disruption
Serving Diverse Market Segments
Vida AI addresses multiple use cases across the financial ecosystem, including traditional banking, Buy Now Pay Later (BNPL) services for merchants, cooperative society lending, automotive financing, government grant disbursement, and SME loan facilitation. The platform also supports specialized applications such as solar inverter asset financing, agricultural loans, and pre-employment background checks.
“Our vision is to democratize access to credit while protecting lenders from unnecessary risk,” added Ebenezer Ajayi, Chief Operating Officer. “Vida’s AI learns from patterns in financial behaviour that traditional credit scoring methods miss, opening opportunities for both lenders and borrowers.”
Market Validation and Growth
Since its development, Vida has demonstrated a significant impact through pilot programs with early-adopting partners. Initial results show higher loan approval rates, reduced default risks, and faster decision-making processes compared to traditional methods.
The platform is immediately available to financial institutions, merchants, and lending organisations through both direct dashboard access and API integration. Vida offers flexible deployment options, including managed loan servicing and customizable credit decision frameworks for enterprise clients.
About Vida AI
Vida AI is the leading artificial intelligence-powered credit decisioning platform designed by VeendHQ specifically for African financial markets. The company’s mission is to accelerate financial inclusion while enabling safer, faster, and more profitable lending decisions through advanced AI technology and alternative data analysis.
For more information about Vida AI, visit www.askvida.ai
