Nigerian fintech CreditChek has completed the acquisition of Algosys, a Ugandan core banking software startup, as it takes its first step into East Africa.
Founded in 2024 by Innocent Bigega and Simon Tayebwa, Algosys provides core banking and lending software to 22 financial institutions in Uganda, including lenders, microfinance institutions and SACCOs. Its platform has also facilitated more than 10,000 SACCO loans.
For CreditChek, the acquisition is more than an expansion into a new market. The fintech, which recently raised $600,000, has built its business around providing credit assessment infrastructure.
With Algosys, it is taking that vision a step further while adding a new layer to its product offering.
“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,” Kingsley Ibe, co-founder and CEO of CreditChek, said in a statement shared with Condia.
Lenders today often have to stitch together several technology providers for services ranging from identity verification and credit assessment to loan origination and management. CreditChek’s bet is that there is value in bringing more of those services under one roof.
If it can become a more complete technology partner for lenders, CreditChek believes it can provide more value to its customers while also capturing more revenue from each customer.
Algosys will continue operating as a subsidiary of CreditChek in Uganda. The company plans to keep serving Algosys’ existing customers while exploring integrations that could introduce CreditChek’s lending and credit infrastructure to the 22 financial institutions already using Algosys.
Uganda’s startup and fintech ecosystem has expanded in recent years, while the government has set an ambitious target of increasing the country’s GDP tenfold by 2040, with technology expected to play a significant role in that growth.
CreditChek sees an opportunity to become part of that evolution, but it isn’t planning to simply copy and paste its Nigerian operation into Uganda.
“The goal isn’t to replicate CreditChek in Uganda but to adapt to the local realities while giving customers a common technology platform,” said Lionel Orishane, co-founder and CTO of CreditChek.
That approach could prove important. Financial infrastructure can look similar across African markets on paper, but the institutions, regulations, lending practices and customer behaviour can vary considerably.
For Algosys, the acquisition also brings access to a broader technology platform and additional resources while allowing it to continue building for its existing customers.
“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,” Bigega said. “Together, we can build significantly more powerful infrastructure for lenders in Uganda and beyond.”
Last updated: September 9, 2026
