Fehintolu Olugan

A few years ago, at a startup ecosystem dinner, a person approached Fehintolu Olaogun and Olorunfemi Mobayode Jegede, visibly excited to see them, and asked: “Are you the founders of CredPal?”

Stunned at being noticed, they quickly responded: “Yes, we are.” What followed was a conversation that reminded them of the core purpose of why they had launched their BNPL platform, CredPal, back in 2018.

The anonymous person went on to tell his story: “My father had a medical emergency in the middle of the night, and I had to take him to a hospital. In the midst of the chaos, I realized that our medical insurance would not cover the cost of the medical procedures my father desperately needed. So, I had to pay out-of-pocket, which would have emptied my bank account. It was then I remembered that I had a card that supported credit payments. This allowed me to pay off the medical bill with predefined, affordable installments. My father got the medical care and attention he needed, and I could still fulfill my financial obligations. Ever since that day, you guys can do no wrong in my eyes. Thank you!”

While he was speaking, everyone at the table turned their heads, listening to him passionately laying out one of CredPal’s most impactful use cases to-date. “This is just one of the stories we constantly hear from our customers about how CredPal has been helping them meet their financial obligations through its facilitated payment method and positive credit score-building approach,” Fehintolu recounts.

So, what is CredPal? CredPal is a consumer financing platform that provides credit services to consumers through its mobile app, third-party merchants and online checkout across e-commerce platforms. Through working with credit card issuers, the service is offered at scale to include merchants who accept card payments, providing more flexible means of paying.

Alternative or facilitated payment options are rare in Africa, unlike Europe or the US. “A lot of Nigerians, for instance, have to pay in full for whatever they want to buy, while at the same time, they are not eligible for credit,” Fehintolu explains. Hence, CredPal allows them to maintain a good credit score and pay in installments that are adapted to their needs.

Prior to founding CredPal, Fehintolu was a graduate of Electrical Engineering and Information Technology before founding Exolve Technologies, an IT and Communications firm for web and mobile applications development and enterprise applications. He led the development of several software products for financial institutions, including Guaranty Trust Bank, Zenith Bank, Polaris Bank and Wema Bank in Nigeria. Olorunfemi, who studied Computer Science, was the Product Manager at Exolve Technologies, as well as the founder of the ecommerce platform for appliances and furniture, Livio.

“I was the youngest child, so I was always given hand-me-downs due to the financial situation of my family. However, with good access to credit, this could have been different. With CredPal, families can give each of their children an equal opportunity when it comes to education or tech devices, for instance, through facilitated payments,” Fehintolu explains. “We want all Africans to obtain an equal opportunity to improve their lives significantly.”

Today, CredPal has 70 team members serving over 200,000 active users in Nigeria, and is looking to expand to Kenya and other African markets.

“We were adamant to expand our investor pool to other African countries, so joining hands with Acasia Ventures played right into that objective,” Fehintolu said. “They have been super supportive in terms of funding and connecting us to other stakeholders, and are key in our plans to expand across the continent.”

“Fehintolu and Olorunfemi are truly tapping into a market that is truly underserved in Africa,” Managing Partner at Acasia Ventures Aly El Shalakany says. “CredPal offers a compelling and accessible alternative to traditional credit, particularly in emerging markets with vast populations where access is limited. This positions CredPal for substantial growth as they expand into key markets and elevate the quality of life of individuals and businesses across the board.”