For many financial institutions in Uganda, the challenge is no longer simply reaching potential borrowers. It is having the right information and technology to decide who to lend to and how to manage those loans. Creditchek’s acquisition of Algosys brings two parts of that equation together, with the potential to give lenders a more complete infrastructure for making and managing credit decisions.
Creditchek, a financial technology infrastructure company building the data and technology infrastructure behind credit decisions across Africa, has acquired Algosys, a Ugandan core banking software startup serving lenders, Saccos and microfinance institutions.
The acquisition gives Creditchek a direct foothold in Uganda. It also supports the company’s wider strategy to build full-stack infrastructure for credit and lending across Africa.
Algosys will operate as a subsidiary of Creditchek. The deal combines Creditchek’s credit assessment and financial data infrastructure with Algosys’ core banking technology and established relationships with financial institutions.
The combination could help lenders access a broader view of their customers. It could also support faster and more informed lending decisions, particularly in a market where financial activity increasingly takes place through digital channels.
Founded two years ago by Innocent Bigega and Simon Tayebwa, Algosys has already gained traction in Uganda. The company serves 22 financial institutions and has facilitated more than 10,000 Sacco loans.
Building Better Infrastructure for Lenders
Creditchek’s strategy is based on the view that the future of African lending will require more than access to credit data.
Many Saccos, lenders and MFIs operate in fragmented financial ecosystems. Traditional credit histories can be limited. Bank account data can also be difficult to access. At the same time, a growing share of financial activity takes place through mobile money, digital platforms and other channels outside traditional banking.
This creates a challenge for lenders. A customer may have limited formal credit history while still having a strong record of financial activity.
Creditchek has focused on this gap through its credit, income and identity intelligence infrastructure. The Algosys acquisition takes that strategy further by adding core banking technology to its platform.
“Our ambition is to own more of the value chain in the lending process,” said Kingsley Ibe, CEO and Co-founder of Creditchek. “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.”
Ibe said the combination of Algosys’ core banking infrastructure and Creditchek’s credit and financial data capabilities would allow the company to build more localised underwriting infrastructure for African markets.
Uganda presents a strong opportunity for this approach. The country had 34.6 million active mobile-money subscribers in 2025, compared with approximately 24 million bank accounts. This highlights the growing role of digital financial services in the economy.
The World Bank’s latest financial inclusion data shows that 67.7% of Ugandan adults had a mobile money account in 2024. It also reported that 70.6% had made or received a digital payment.
Digital lending is growing alongside this financial activity. According to the International Monetary Fund, Uganda had approximately 250 fintech companies, with micro-credit and digital lending accounting for a significant part of the ecosystem.
Uganda as a Launchpad for East Africa
The acquisition also strengthens Creditchek’s wider expansion across East Africa.
Earlier this year, the company raised $600,000 to accelerate the expansion of its financial data infrastructure across the region after achieving profitability in Nigeria.
Creditchek plans to expand into markets including Kenya, Tanzania and Rwanda. It also intends to extend its infrastructure into francophone markets.
Uganda provides an important entry point because Creditchek is gaining both technology and an established network of financial institutions through Algosys.
“East Africa is not one market; every country has its own financial behaviour, data sources, regulatory environment and lending dynamics,” said Lionel Orishane, CTO and Co-founder of Creditchek. “Our approach is therefore not to take a Nigerian product and simply deploy it in Uganda. We want to build locally relevant infrastructure that understands each market while giving lenders access to a common technology layer across Africa.”
The move comes as Uganda pursues its Tenfold Growth Strategy. The government aims to grow the economy from approximately $50 billion to $500 billion by 2040.
Science, technology and innovation, including ICT and digital transformation, have been identified as key drivers of that growth.
A stronger financial system will be important to this ambition. As more individuals and businesses participate in the digital economy, financial institutions will need better tools to assess risk and extend credit.
Creditchek believes the combination of Algosys’ local infrastructure and its own financial intelligence capabilities can help address this need.
For Algosys customers, existing products and services will continue to operate under Creditchek. Customers are expected to progressively gain access to Creditchek’s technology, infrastructure and product capabilities.
The companies will also explore opportunities to introduce additional financial intelligence and lending tools to Algosys’ existing customer base.
“We are excited about what this next chapter means for Algosys,” said Innocent Bigega, Founder of Algosys. “Joining Creditchek gives Algosys access to a broader technology platform and resources while allowing us to continue building for the financial institutions we already serve. Together, we can build significantly more powerful infrastructure for lenders in Uganda and beyond.”
Source: TechCabal
