Nigerian fintech startup CreditChek has acquired Ugandan core banking software provider Algosys as it begins its expansion into East Africa.
Founded in 2021 by Kingsley Ibe and Lionel Orishane, CreditChek is building the data rails for more responsible lending across Africa. The company helps fintechs, lenders, banks, and other financial institutions assess risk, reduce defaults, and expand access to credit by aggregating and standardising data from multiple sources, including credit bureaus, financial institutions, and alternative data providers, into a unified API for real-time decision-making.
The startup has already processed over US$60 million in credit applications across 1 million unique individual profiles, and achieved profitability in Nigeria. Disrupt Africa reported in June it had raised US$600,000 in funding to expand its data coverage across East Africa.
That expansion has now begun with the acquisition – for an undisclosed sum – of Ugandan startup Algosys. Founded in 2024 by Innocent Bigega and Simon Tayebwa, Algosys provides core banking and lending software to 22 financial institutions in Uganda, including lenders, microfinance institutions and SACCOs. Its platform has also facilitated more than 10,000 SACCO loans.
In acquiring the startup, CreditChek, which has built its business around providing credit assessment infrastructure, is taking that vision a step further while adding a new layer to its product offering.
“We want to move beyond simply providing data to lenders and build the infrastructure that enables them to acquire customers, assess risk, make credit decisions, originate loans and manage those loans throughout their lifecycle,” Ibe said.
Algosys will continue operating as a subsidiary of CreditChek in Uganda, serving its existing customers while exploring integrations that could introduce CreditChek’s lending and credit infrastructure to the 22 financial institutions already using Algosys.
“Joining CreditChek gives Algosys access to a broader technology platform and resources while allowing us to continue building for the financial institutions we already serve,” Bigega said. “Together, we can build significantly more powerful infrastructure for lenders in Uganda and beyond.”
