CreditFix, a fintech firm based in Pakistan is aiming to provide a financial identity to millions of unbanked Pakistanis. It's located in Islamabad, P
CreditFix, a fintech firm based in Pakistan is aiming to provide a financial identity to millions of unbanked Pakistanis. It’s located in Islamabad, Pakistan’s capital and was founded by Owais Zaidi in 2016. This idea came about when the founder, Zaidi came into contact with a person who was seeking a loan of 1,000 rupees but wasn’t able to cope with the daily interest offered by the traditional market loan.
According to this firm’s website, it’s estimated that over 90 percent Pakistan citizens are not able to access to traditional finance mainly because they cannot be profiled through accustomed or conventional means. To tackle this issue, CreditFix is using predictive modeling and digital data to correctly be able to identify the potential borrower’s willingness to pay in time.
The website has clearly stated that this technique will save the potential borrowers from issues like loan sharks and usurious customs of the informal credit market. The finetech start-up plans to launch a pilot program in August with about 50,000 potential lenders. By utilizing utility payments and work histories, borrowers who utilize this platform will be allowed to view credit scores from all customers.
The founder, Zaidi said that the main goal of this firm is to facilitate all the unserved and underserved segments of the entire population in acquiring access to equitable credit, mainly for income generating assets.
Mobile Phone Use For Pakistanis
According to a report from the Express Tribune that was released in March, there are about 137 million phone users/operators in Pakistan. Data released by PTA (Pakistan Telecommunication Authority) showed there is an increase from the previous year, which only had 133.2 million users. As a result, CreditFix developed a mobile app feature that has made it easier for clients to access finance. This process is done in 5 simple steps so as to enable transparent credit. These categories are livestock finance, car finance, smart-grid finance and farm-equipment finance.
It is strongly believed that this platform offered by CreditFix will offer many people in Pakistan with loan offers that they did have access to.