Artificial Intelligence and Machine learning is the present and the future of technology. Aella Credit is a financial startup that is building a new credit culture in Africa with AI & ML.
Discussing AI for Good at AWS Public Sector Summit, the co-Founder and CTO Aella Credit, Wale Akanbi explained how the is constantly exploring ways to harness AI/ML to improve people’s lives.
This is to the credit of Wale Akanbi:
AI has the biggest impact when it’s developed by cross-functional teams with a mix of skills and perspectives. It is therefore important that every member of an organization — engineers, data scientists, user interface designers — work together to establish the company’s core AI capabilities and utilize it effectively.
In Africa, artificial intelligence and machine learning have the capability to solve verification challenges, eradicate crime and help provide credit to the underbanked and unbanked. Access to credit, especially, has been a challenge the banks and most financial institutions have not been able to address. This is where we’re making great strides.
At Aella Credit, we are taking advantage of cutting-edge, deep-learning and AI technologies to address identity verification challenges and provide ML-driven risk assessment via both B2B integration with employers and B2C models using mobile data. Our mission is to provide credit in emerging markets utilizing the full potential of AI/ML.
He went further by saying:
In exploring different solutions for our market, we realised there was a dearth of facial recognition infrastructure, peculiar to our market. Thankfully, Amazon Web Services (AWS)is helping us fix this challenge. We are now able to identify and verify customers using the Amazon Rekognition technology and properly run credit risk assessments on individuals, thereby enabling us to provide credit for a wide range of users. We are actively working towards making lending easier for businesses using AI.
The job of Aella Credit in the fintech industry in Africa is not complete without its simple mission.
The mission at Aella Credit is to provide credit in emerging markets utilizing the full potential of AI/ML. The most critical point for us is identity verification. Once this is done, the customer journey becomes easier.”