CreditFix Pakistan to create financial Identity for unbanked
Located in Pakistan, CreditFix was created in 2016 by founder Owais Zaidi after he came into contact with a man who required a 1,000 rupee loan, but couldn’t afford the daily interest on a traditional market loan. According to the CreditFix website it’s estimated that around 95 percent of Pakistanis lack access to traditional finance as they can’t be profiled through conventional means. In a bid to tackle this problem, CreditFix is using digital data and predictive modeling to accurately figure out a potential borrower’s willingness to pay.
In August, the fintech startup is planning on launching a pilot program with 50,000 potential customers. By using work histories and utility payments lenders who utilize the platform will be able to view the credit scores from each customer.
Zaidi stated, “ the core goal of CreditFix is to facilitate the underserved and unserved segments of the population in getting access to fair credit, primarily for revenue generating assets.”