EDOMx, a Kenyan-focused Buy Now, Pay Later (BNPL) provider, has partnered with Singapore-based fintech firm finbotsAI to implement AI-powered credit risk management solutions.
The partnership will enable EDOMx to develop more accurate and efficient credit scoring models, which will help the company lend to more customers with reduced risk. This will support EDOMx’s mission to provide ethical and inclusive financial services to Kenyans.
finbotsAI’s creditX solution uses advanced machine learning and AI algorithms to analyze a wide range of data points, including mobile money usage data, to predict a customer’s creditworthiness. This allows EDOMx to make more informed lending decisions and expand its customer base to include more underserved segments.
EDOMx selected finbotsAI after an extensive evaluation of the solution, which included a Proof-of-Concept (POC) where finbotsAI built custom scorecards using EDOMx’s historical data. The POC demonstrated the effectiveness of finbotsAI’s solution in improving the accuracy of EDOMx’s credit scoring models.
The partnership between EDOMx and finbotsAI is significant because it represents a growing trend of African fintech companies adopting AI-powered solutions to improve their operations and expand their reach. The partnership is also a testament to the growing demand for sophisticated technology solutions that can help African fintech companies drive financial inclusion responsibly.
EDOMx’s BNPL service, FARAJA, is offered to M-PESA customers and businesses in partnership with Safaricom, Kenya’s largest mobile network operator. finbotsAI’s creditX solution is used by lenders in over 20 countries, including several in Africa. The partnership between EDOMx and finbotsAI is expected to have a positive impact on financial inclusion in Kenya, as it will enable EDOMx to lend to more customers with reduced risk.
EDOMx selected finbotsAI after an extensive evaluation of the solution. This included a Proof-of-Concept where finbotsAI built custom scorecards on creditX using EDOMx’s historical data.
“Utilizing AI technology for credit scoring aligns perfectly with our mission to provide ethical and inclusive financial services to our customers. The partnership with finbotsAI empowers us to make more accurate lending decisions, which will ultimately benefit Kenya,” said Julian Kyula, Founder of EDOMx.
Samson Mutisya, Growth Director (Africa) of finbotsAI, emphasized the transformative potential of the partnership, saying, “We are proud to expand our fast-growing client base in Africa, with a marketing innovator like EDOMx. We have seen enormous success in enabling lenders to drive financial inclusion responsibly. This partnership underpins the growing demand in Africa for sophisticated technology solutions that enable economic growth and solve legacy challenges.”
The partnership between EDOMx and finbotsAI is a positive development for the Kenyan fintech landscape. It demonstrates the growing adoption of AI-powered solutions by African fintech companies and the increasing demand for sophisticated technology solutions that can help drive financial inclusion responsibly.
