Cairo-based fintech startup, CreditGO, is a B2B payment aggregator for Merchants’ Wallet and small businesses, both formal and informal, located at tier 2 cities, has transformed the functionality of POS machines into an android mobile application that facilitate electronic payments as mobile top ups and bill payment services, thus achieving financial inclusion, create jobs and generating operating income to everyone.
The financial service startup was formed in January 2020 but only launched to the public in June. CreditGO allows merchants to overcome the challenges posed by high acquisition costs of PoS machines and offer electronic services to customers via a free mobile app.
The app allows merchants to earn commissions on selling airtime and facilitating customers’ bill payments, while in the next few weeks CreditGO will also enable them to purchase products and goods from wholesalers and pay for them through the CreditGO wallet.
Omar El Welely, CreditGO’s Chief Executive Officer (CEO), in a recent interview with Disrupt Africa said;
“We took a huge advantage of the market segment which is left behind from the banking system and financial institutions. The unbanked sector in Egypt and the informal economy makes up 45 per cent of Egypt’s economy. We are talking about an annual market of US$73 billion.”
CreditGO raised some funding from taking part in the Flat6Labs Cairo accelerator last year, and is now in the process of raising its seed round. “We are talking with VCs and angel investors from inside and outside of Egypt. We are planning on expanding to similar markets in Africa,” said El Welely.
Future Plans for CreditGo
The fintech startup future plans includes that of introducing microfinance programs for the C&D classes (like small loans). Introducing healthcare insurance for C&D classes. Marketplace and delivery for C&D classes (with partnership with Jumia, Souq and Noon).
