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.

Owais said,

“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.

Zaidi said,

“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

The post Pakistani Fintech Startup CreditFix will give loans to unbanked consumers appeared first on Techlist.

The winners of the first bootcamp for entrepreneurs and startups by FinTech incubator DFS are announced. DFS is funded by Bill and Melinda Gates.

Participants were invited from 10 countries. The participants were required to present their solutions to DFS Lab’s board of experts. This was a seven day camp held in Dar-es-Salam, Tanzania. DFS brought together 20 most promising and hard working entrepreneurs who are going to continue doing best work in the future in the technology field.

The participant got a chance to experience amazing time along with a really good experience as there were experts and mentors to guide them. There was mentorship and strategic counsel from industry stalwarts.
It was also an opportunity to be awarded a share of over $2 million of total investment and a further six months of intensive mentorship.

The funding awarded was split between four stand-out ventures – Yooz (India), Credit Fix (Pakistani FinTech Startup), SERV’D (India) and Malako (Uganda) – which were praised for their innovative approach to building new financial services for emerging markets.

Pakistani FinTech Startup Credit Fix aims to provide a platform for building credit sources for consumers with low income. In this way the people will be able to secure loans for revenue-generating assets such as auto-rickshaws and taxis which will, ultimately, improve their standard of living.

Yooz provides free, fast international remittance transfers of any value at preferential exchange rates.

SERV’D Tech Pvt. Ltd is a platform providing workers at are home some safety. It is making sure that every worker either they are maids, drivers, cooks, sweepers, peons, guard; they all are registered.

Malako aims to provide credit lines to all the low income consumers.

Director of DFS Lab, Dr Jake Kendall said,

“Digital financial services have the power to transform developing country economies, profitably and at scale. We are searching for breakthrough ideas with the potential to bring low income households from the cash economy into the digital financial realm and give them tools to improve their lives. The entrepreneurs were a very diverse and talented group from all over the world. Their different skills, perspectives and levels of experience produced valuable insights and led to dynamic, highly productive collaborations. We are very proud to be able to play a part in helping them reach their full potential.”

So now the change is just at the step of your door

The post Pakistani FinTech Startup Receives Funding By Bill & Melinda Gates Foundation appeared first on Techlist.