Follow Us on Telegram For Up To Date Tech News and Reviews

News

EDOMx Partners with finbotsAI for BNPL Expansion and Financial Inclusion

EDOMx

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.”

Also Read: What You Need to Know About Faraja, The Buy Now Pay Later Service for Lipa Na M-Pesa

About author

Brand Spot by Techarena provides companies with the chance of sharing their stories directly with TechArena's audience. To be promote your brand and get featured, email info@techarena.co.ke
Related posts
News

SAS expands hosted managed services to AWS

FeaturesNews

Artificial intelligence (AI) could create a turning point for financial inclusion in Africa

News

African Tech Ventures Invited to Apply for the Investment Showcase at the 8th Africa Tech Summit London

News

Is Cross-Play Gaming the New Normal?

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.