CreditChek Acquires Algosys to Expand into East Africa
Nigerian fintech CreditChek has acquired Ugandan core banking software provider Algosys, marking a significant step in the company’s expansion into East Africa.
CreditChek acquired Algosys for an undisclosed amount as it seeks to extend its credit data and lending technology capabilities beyond Nigeria.
Founded in 2021 by Kingsley Ibe and Lionel Orishane, CreditChek is headquartered in Lagos and provides credit data infrastructure for fintechs, lenders and financial institutions.
The company uses data from credit bureaus, financial institutions and alternative sources to help businesses assess credit risk and make lending decisions.
CreditChek Acquires Algosys to Enter Uganda
The acquisition gives CreditChek an established presence in Uganda’s financial technology market.
Founded in 2024 by Innocent Bigega and Simon Tayebwa, Algosys provides core banking and lending software to financial institutions in Uganda.
The company currently serves 22 financial institutions and has facilitated more than 10,000 SACCO loans.
Algosys will continue operating as a subsidiary of CreditChek following the acquisition.
The deal therefore combines CreditChek’s credit data infrastructure with Algosys’ core banking and lending technology, creating an expanded platform for financial institutions in East Africa.
CreditChek’s Credit Data Infrastructure
CreditChek has built its business around helping lenders make more informed credit decisions using multiple sources of financial and alternative data.
Since its launch, the company has processed more than US$60 million in credit applications across approximately 1 million individual profiles.
CreditChek has also achieved profitability in Nigeria, providing a foundation for its expansion into other African markets.
Its technology supports fintech companies, lenders and financial institutions that need access to credit information and risk assessment tools.
Algosys Brings Core Banking and Lending Technology
Algosys adds a complementary technology layer to CreditChek’s existing credit infrastructure.
Its software provides core banking and lending capabilities for financial institutions, while its work with SACCOs gives the company experience serving organisations involved in community-based financial services.
The company has facilitated more than 10,000 SACCO loans through its technology platform.
With Algosys remaining a subsidiary, the acquisition allows CreditChek to retain the Ugandan company’s existing operations while connecting them to its broader credit technology ecosystem.
Nigerian Fintech Expansion Across Africa
The CreditChek Algosys acquisition reflects a broader trend of African fintech companies expanding beyond their home markets.
Nigeria has developed one of Africa’s largest fintech ecosystems, producing companies focused on payments, digital banking, lending, credit infrastructure and other financial technologies.
Expansion into markets such as Uganda provides Nigerian fintech companies with opportunities to serve financial institutions and consumers across a wider regional market.
For CreditChek, the acquisition provides an entry point into East Africa while giving Algosys access to the resources and technology infrastructure of an established Nigerian fintech.
CreditChek’s East Africa Expansion
The acquisition positions CreditChek to build on Algosys’ existing relationships with Ugandan financial institutions while exploring additional opportunities across East Africa.
The region has a growing demand for digital financial services, lending technology, credit infrastructure and modern banking systems.
By combining credit data capabilities with core banking and lending software, CreditChek and Algosys could provide financial institutions with a broader set of tools for managing lending and financial services.
The companies have not disclosed the financial terms of the acquisition.
