CreditChek Accelerates Regional Growth with Acquisition of Algosys

Nigerian fintech startup CreditChek is extending its reach into East Africa through the acquisition of Uganda-based core banking software provider, Algosys. This strategic move marks a significant step in CreditChek’s mission to build data infrastructure that enables more responsible lending across the continent.

Founded in 2021 by Kingsley Ibe and Lionel Orishane, CreditChek has rapidly established itself as a key player in risk assessment for lenders. The company’s platform aggregates financial data from various sources—credit bureaus, banks, alternative providers—into a unified API that facilitates real-time credit decisions. To date, CreditChek has processed over $60 million in credit applications across 1 million unique profiles and achieved profitability in Nigeria.

The acquisition of Algosys adds a new dimension to CreditChek’s capabilities. Founded in 2024 by Innocent Bigega and Simon Tayebwa, Algosys serves 22 financial institutions in Uganda with its core banking and lending software—including microfinance institutions and SACCOs—and has facilitated more than 10,000 loans.

“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,” explained Ibe. “With Algosys, we’re adding a critical layer to our offering—the ability to not only assess risk but also facilitate the entire lending process.”

The integration will allow CreditChek to offer its comprehensive suite of services to Algosys’ existing client base while exploring opportunities to enhance their operations with advanced credit assessment tools. Bigega noted that joining CreditChek provides access to a broader technology platform and resources, enabling them to continue serving current clients while building more powerful infrastructure for lenders in Uganda and beyond.

This acquisition follows CreditChek’s earlier announcement of $600,000 in funding to expand its data coverage across East Africa—demonstrating the company’s commitment to becoming a leading provider of credit decisioning infrastructure on the continent.