Credit risk assessment has emerged as the leading application of artificial intelligence (AI) among Kenyan lenders, with more institutions turning to the technology to streamline operations, ushering in a shift to data-driven lending that could speed up loan approvals and help curb default rates.
A new survey by the Central Bank of Kenya (CBK) on AI use in the banking sector shows that, while 50 percent of lenders are yet to adopt the technology, 65 percent of those already using it apply AI for credit risk scoring.
