Egyptian Startup CreditGO launches B2B Wallet for Small Businesses
CreditGO, an Egyptian startup, has introduced a small business B2B payment aggregator and merchant wallet, allowing unbanked merchants to offer electronic services such as airtime and enabling consumers to pay bills.
Founded in January 2020 but launched to the public only in June, CreditGO enables merchants to address the challenges raised by high PoS machine acquisition costs and offer customers electronic services through a free mobile app.
The app allows merchants to receive commissions on airtime purchases and promote bill payments for customers, while CreditGO will also allow them to buy products and goods from wholesalers in the next few weeks and pay for them through CreditGO wallet.
The CEO and co-founder of CreditGo Omar El Welely while speaking about the new product told Disrupt Africa “We took a huge advantage of the market segment which is left behind from the banking system and financial institutions,”.
“The unbanked sector in Egypt and the informal economy makes up 45 per cent of Egypt’s economy. We are talking about an annual market of US$73 billion.”
CreditGO raised some funding through its participation in the Flat6Labs Cairo accelerator last year and working on raising it seed round.
El Welely said, “We are talking with VCs and angel investors from inside and outside of Egypt. We are planning on expanding to similar markets in Africa.”
Egypt is fast becoming one of Africa’s tech hubs. With Cairo recently ranked as Africa’s leading fintech ecosystem by Startup Genome and the Egyptian fintech company Fawry achieving unicorn status with a valuation of $1 billion.
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