CreditGO, an Egyptian startup, has launched a small business B2B payment aggregator and merchant wallet, allowing unbanked merchants to sell electronic services such as airtime and enabling customers to pay bills.
CreditGO enables merchants to resolve the challenges raised by high PoS machine acquisition costs and offer customers electronic services through a free mobile app.
The app allows merchants to receive commissions on airtime transactions and promote bill payments for customers, while CreditGO will also allow them to buy products and supplies from wholesalers and pay for them via the CreditGO wallet in the next few weeks.
“Omar El Welely, the start-up chief executive officer (CEO), told Disrupt Africa, “We took a massive advantage of the business segment left behind by the banking system and financial institutions.
Egypt’s unbanked market and informal economy make up 45 per cent of the economy of Egypt. We are talking about a US$73 billion annual business.
Last year, CreditGO received some funding from participating in the accelerator Flat6Labs Cairo, and is now in the process of raising its seed round.
We are communicating from within and outside of Egypt with VCs and angel investors,” El Welely said.” “In Africa, we are planning to expand to similar markets.”