Nigeria’s CreditChek Acquires Ugandan Fintech Algosys To Expand Into East Africa

Nigerian fintech CreditChek has acquired Ugandan core banking software provider Algosys for an undisclosed sum as it expands into East Africa.

Founded in 2021 by Kingsley Ibe and Lionel Orishane and based in Lagos, Nigeria, CreditChek provides credit data infrastructure that helps fintechs, lenders and financial institutions assess risk and make lending decisions using data from credit bureaus, financial institutions and alternative sources.

The company has processed more than USD 60 M in credit applications across 1 million individual profiles and is profitable in Nigeria.

Founded in 2024 by Innocent Bigega and Simon Tayebwa, Algosys provides core banking and lending software to 22 financial institutions in Uganda and has facilitated more than 10,000 SACCO loans. Algosys will continue operating as a CreditChek subsidiary.