Pakistani Fintech Startup CreditFix will give loans to unbanked consumers
Owais Zaidi is the guy who initiated this. The act that moved him to this decision of helping hundreds of people was that once a Taxi driver asked him to lend him some money for the repairing of the taxi tyres. The driver said that the loan would cost him Rs. 50 a day as a interest. Owais at the support gave the money as charity but decided to help many.
“The guy looked genuine so I gave him the money, but it really bothered me how the poor are exploited. Based on my experience consulting with banks, I know how straight-jacketed they are in their policies as well as thoughts.”
Owais introduces CreditFix in 2016, ad his aim was to introduce an alternative banking among unbanked customers. The company will launch a pilot programme in August with 50,000 potential customers.
According to the strategies the program of CreditFix intends to use use borrowers’ work histories, mobile top-up records, and utility payments to generate credit scores that will then be visible to lenders who use the marketplace.
Mr. Zaidi said,
“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.”
Mr. Ziadi was of the view,
“They bring out their experience working in multiple markets, which has helped us redefine our approach to addressing the problem. The initial grant they provided was key to [achieving] sustainability and taking it to the level that it becomes attractive to investors.”
Fintech challenge has given an amount of $100,00 as the fund to CreditFix. More funding will be followed after the beta launch of the program.
“The Pakistani market is “a big enough challenge for the time being.” But he hopes that once CreditFix’s platform reaches critical mass there, they’ll be able to expand into other countries.”
This article originally appeared on Forbes