finbotsAI’s credit modelling solution, creditX, will help EDOMx to build high quality credit scorecards faster, enabling more accurate risk profiling & responsible lending.
SINGAPORE and NAIROBI, Kenya, Oct. 10, 2023 /PRNewswire/ — EDOMx, a Delaware entity with Kenyan operations with a vision to enhance impact-based and thoughtful consumer credit, announced signing an agreement with Singapore-headquartered B2B SaaS FinTech, finbotsAI, to enable credit risk management using AI.
Renowned for its Mobile Money Buy Now Pay Later (BNPL) service FARAJA, which is offered to M-PESA customers and businesses in partnership with Safaricom, EDOMx becomes a pioneering adopter of cutting-edge AI-based credit risk solutions a key pillar of its business.
With creditX, finbotsAI’s AI-powered credit modelling solution, EDOMx aims to utilize advanced machine learning and AI-based algorithms to develop high accuracy scorecards that are better at quantifying risk. Additionally, creditX empowers EDOMx to develop new or refreshed custom credit models on demand, instead of spending months building them or relying on generic market scorecards.
With these new capabilities, EDOMx will be able to lend to more customers with reduced risk, resulting in responsible lending growth while scaling financial inclusion efforts.
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.”
This milestone also marks finbotsAI’s entry into Kenya. finbotsAI’s fast growing client base now stretches to 11 countries across APAC and MEA markets.
EDOMx is a Delaware entity with operations in Kenya with ambition to expand across Africa and in the USA. It is an ethical and inclusive financial services and consumer technologies company purposed on identifying high value opportunities, addressing critical challenges and transforming lives by leveraging on experience, expertise and close collaborations across private, public and non-profit sectors.
With its flagship product FARAJA, EDOMx is spearheading a shift towards creating comprehensive solutions that demonstrably fix practical problems by broadening access to Digital Financial Services.
finbotsAI is an Accel Portfolio FinTech company with a mission to help lenders drive profitable lending and financial inclusion with creditX, our AI-powered platform to rapidly build high accuracy risk scorecards.
creditX is used by lenders across 4 regions, specifically Africa, Middle East, APAC and Australia, and by the full spectrum of lending companies, including digital banks, SME lenders, agri-lenders, consumer lenders and Credit Bureaus.
finbotsAI has been recognised among ‘Top 10 FinTechs in Singapore‘ at the Monetary Authority of Singapore (MAS) FinTech Awards 2022. The FinTech is also part of PwC’s Partner Programme and a Featured Partner for Tata Consultancy Services.
finbotsAI is amongst one of the first FinTechs to have completed AI Verify, the world’s first AI Governance testing framework and toolkit developed by Singapore Government’s IMDA (Infocomm Media Development Authority) and PDPC (Personal Data Protection Commission).
finbotsAI is headquartered in Singapore and has offices in India (Hyderabad), the United Arab Emirates (Dubai), Indonesia (Jakarta) and Nairobi (Kenya).
For more information on finbotsAI, click here: https://www.finbots.ai/.