One of Egypt’s emerging fintech startup CreditGO has launched a B2B payment aggregator and merchant wallet for small businesses, enabling unbanked merchants to sell electronic services such as airtime and allow customers to pay bills. CreditGO which was founded early last year before the Covid-19 pandemic went public with its services at the heat of the lockdown in June. The firm’s platform 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. “We took a huge advantage of the market segment which is left behind from the banking system and financial institutions,” Omar El Welely, the startup’s chief executive officer (CEO), told Disrupt Africa.
Read also:Taaply, Cameroonian startup To Digitise Business Cards
“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,” said El Welely. “We are planning on expanding to similar markets in Africa.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry