A Pakistani based financial technology (fintech) company is aiming to provide service for the millions of unbanked Pakistans. The fintech company may
A Pakistani based financial technology (fintech) company is aiming to provide service for the millions of unbanked Pakistans. The fintech company may revolutionize the country by giving the unbanked citizens a financial identity.
The company behind the service is known as Creditfix, a fintech firm based in Islamabad and established back in 2016. Owaiz Zaidi is the founder of the CreditFix. According to Owaiz Zaidi, the idea of CreditFix came to him when he came into contact with a man who wanted to obtain a 1,000 rupee loan but couldn’t borrow from the traditional banks because he has no credit history.
CreditFix stated that close to 95% of Pakistanis don’t have access to basic traditional finance because the financial institutions are having difficulty in profiling them using conventional means. CreditFix attempts to solve this problem by processing massive amounts of data and then accurately create a predictive model to figure out the borrower’s willingness to pay the loan.
According to CreditFix’s, their mission is to save consumers from loan sharks and their usurious loan practices, which are taking advantage of the informal credit market.
In August, CreditFix is going launch the pilot program which will involve 50,000 potential customers. As of the moment, CreditFix is processing information based on utility payments and work histories to create a credit scoring system, which lenders can utilize.
According to Zaidi, CreditFix’s core goal is to facilitate between the lending institutions and unserved segments of the society who wishes to take a loan for the purpose of creating revenue-generating assets.
CreditFix also has a mobile app that allows consumers easy access to finance by just follwing five simple steps. As of the moment, CreditFix’s app allows the user to choose between four categories – car finance, farm-equipment finance, smart-grid finance and livestock finance.
If CreditFix’s solution is adopted by lending institution and consumers, then Pakistan may be entering a new age of finance.