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EDOMx taps FinTech finbotsAI for credit risk management

By Delisha Fernandes

October 11, 2023

  • AI-based algorithms
  • B2B SaaS
  • Consumer Credit
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EDOMx, consumer credit, B2B SaaS, finbotsAI, credit risk management, M-PESA, AI-based algorithms, FinTech news, FinTech AfricaEDOMx, a Delaware entity with Kenyan operations, has announced signing an agreement with Singapore-headquartered B2B SaaS FinTech, finbotsAI, to enable credit risk management using AI.

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.

“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.

With these new capabilities, the company 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.

FARAJA, which provides Mobile Money Buy Now Pay Later (BNPL), offered to M-PESA customers and businesses in partnership with Safaricom, EDOMx has become a pioneering adopter of AI-based credit risk solutions, a key pillar of its business.

Samson Mutisya, Growth Director (Africa) of finbotsAI, said, “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.”

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