Ghana’s leading digital credit provider, FIDO Money Lending Limited, has received €500,000 from the German development finance institution (DEG) to fund its activities.
“These funds are being provided within the framework of DEG’s Up-Scaling Programme to support FIDO’s expanding digital micro-lending product in Ghana for consumers and micro-entrepreneurs without access to financial services,” a release issued by FIDO said.
It said FIDO’s cutting-edge risk analytics platform provides access to credit in a seamless and convenient manner.
FIDO General Manager, Gadi Regev, was quoted in the release as saying: “We are proud to partner with DEG and pleased to have been selected for the Up-Scaling Programme. Over the last three years, FIDO has developed a revolutionary product and provided tens of thousands of individuals with simple access to credit through mobile devices.
“DEG’s support will allow FIDO to scale up and provide even more Ghanaians access to financial services to improve their micro-businesses and daily lives,” he said.
FIDO’s credit solution is intended to address the gap in financial services for consumers and micro-entrepreneurs throughout Ghana, who have little to no financial history, the release pointed out.
It said “the financial sector in Ghana typically requires collateral, guarantors and lengthy application procedures for this segment.
“Using data provided by the applicants, FIDO analyses creditworthiness within seconds and provides applicants with an immediate credit decision without collateral or guarantors. In line with its mission to support consumer protection and industry best practices, FIDO endorses and contributes to the SMART campaign principles(https://www.smartcampaign.org/) to ensure transparent, fair and prudent financial services for all clients.”
Fido Money Lending Limited (FIDO) is a financial institution based in Accra, Ghana and licensed by Bank of Ghana (BoG).
It has been operating since 2014, offering accessible micro-lending services through a mobile application.
By Melvin Tarlue