Kenyan BNPL Firm EDOMx Partners with finbotsAI for Credit Risk Management

EDOMx, a Delaware-based company with operations in Kenya, renowned for its Mobile Money Buy Now Pay Later (BNPL) service FARAJA, has announced a partnership with Singapore-based B2B SaaS FinTech, finbotsAI. The collaboration aims to enhance credit risk management using artificial intelligence (AI).

EDOMx and finbotsAI: A Strategic Alliance

EDOMx has adopted finbotsAI’s AI-powered credit modelling solution, creditX, to develop high accuracy scorecards for better risk quantification. This advanced technology uses machine learning and AI algorithms to evaluate credit risk. In addition, creditX allows EDOMx to create new or updated custom credit models on demand, eliminating the need for months of development or reliance on generic market scorecards.

This partnership marks a significant milestone for EDOMx, as it enables the company to lend to more customers while reducing risk. It also supports responsible lending growth and boosts its financial inclusion efforts.

The Impact on Kenyan Market

Julian Kyula, Founder of EDOMx, stated that the use of AI for credit scoring would fit seamlessly with the company’s mission to provide ethical and inclusive financial services. He believes that more accurate lending decisions resulting from the partnership with finbotsAI will significantly benefit Kenya’s financial landscape.

finbotsAI Expansion into Kenya

Samson Mutisya, Growth Director (Africa) of finbotsAI, highlighted the transformative potential of the partnership, stating that it underpins the growing demand in Africa for advanced technology solutions that drive economic growth and address legacy challenges. This milestone also marks finbotsAI’s entry into the Kenyan market, expanding its fast-growing client base to 11 countries across the Asia-Pacific and Middle East Africa markets.