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Fintech Startup aspires to revolutionize digital services for the unbanked in Pakistan

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.



Source: https://www.cryptocoinsnews.com/pakistani-fintech-startup-aims-to-revolutionize-digital-services-for-the-unbanked/

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