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.
Olamide Afolabi, the co-founder and CEO of Touch n Pay (TAP), stands as a pioneering force…