Nigerian Credit Infrastructure Startup CreditChek Acquires Ugandan Core Banking Provider Algosys to Accelerate East African Expansion

LAGOS / KAMPALA — CreditChek has acquired Algosys, a Ugandan core banking software company serving lenders, Savings and Credit Cooperatives (SACCOs), and microfinance institutions across Uganda. The transaction marks CreditChek's formal entry into the Ugandan market and serves as a strategic launchpad for its broader expansion across East Africa.

Founded two years ago by Innocent Bigega and Simon Tayebwa, Algosys currently powers 22 financial institutions in Uganda and has facilitated more than 10,000 SACCO loans. Following the acquisition, Algosys will operate as a subsidiary of CreditChek, ensuring existing customers continue to be served while progressively gaining access to CreditChek's advanced financial data and infrastructure capabilities.

Building Full-Stack Lending Infrastructure

While credit assessment has traditionally been CreditChek's core focus, financial institutions require infrastructure that supports the entire lending lifecycle—from customer acquisition and risk assessment to credit decisions, loan origination, and lifecycle management. The integration of Algosys bridges credit intelligence with foundational core banking technology.

“Our ambition is to own more of the value chain in the lending process,” stated 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.”

Tapping into Uganda’s Digital Finance Ecosystem

Uganda represents a vital entry point due to its robust fintech ecosystem and high volume of mobile money adoption. In 2025, Uganda recorded 34.6 million active mobile-money subscribers compared to approximately 24 million bank accounts, with World Bank data indicating that 67.7% of Ugandan adults held a mobile-money account in 2024. Because economic activity spans alternative channels not captured by traditional records, the combination of Algosys's local footprint with CreditChek's intelligence layer is designed to better evaluate borrowers' real-world financial behavior.

“We want to build locally relevant infrastructure that understands each market while giving lenders access to a common technology layer across Africa,” noted Lionel Orishane, CTO and Co-founder of CreditChek.

Following recent profitability in Nigeria and a $600,000 raise earlier in the year to accelerate East African expansion, CreditChek plans to scale its coverage into Kenya, Tanzania, and Rwanda, with eventual pathways toward Francophone markets.