A Pakistani-based fintech firm is aiming to provide access to millions of unbanked people in Pakistan by giving them a financial identity.
Located in Pakistan’s capital, Islamabad, 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.