CreditChek Buys Uganda's Algosys, Betting That Lenders Want More Than Data
The Nigerian credit infrastructure company is using an acquisition, not a greenfield launch, to enter East Africa.
WEVN Editorial
Editorial
1 min read
Image: CreditChek
Nigerian credit infrastructure company CreditChek has acquired Algosys, a Ugandan startup that builds core banking software for lenders, savings and credit cooperatives (SACCOs) and microfinance institutions. The price was not disclosed. Algosys will operate as a CreditChek subsidiary.
Algosys was founded around 2024 by Innocent Bigega and Simon Tayebwa. It serves 22 financial institutions in Uganda and has facilitated more than 10,000 SACCO loans, according to reports of the deal.
CreditChek was founded in 2021 by Kingsley Ibe (CEO) and Lionel Orishane (CTO). It has processed more than $60 million in credit applications and reached profitability in Nigeria. Earlier in 2026 it raised $600,000 to fund its East African expansion. According to TechCabal, its expansion plans include Kenya, Tanzania, Rwanda and francophone markets.
Ibe framed the deal as a move up the value chain: "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."
Orishane pointed to the regional challenge: "East Africa is not one market; every country has its own financial behaviour."
Sources: TechCabal, 9 Sept 2026 · Disrupt Africa, 11 Sept 2026
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