Jacob Kholi
Growth Investment Partners (GIP) Ghana has announced an investment in Fido Micro Credit LTD (Fido), a digital lender in Ghana, to drive financial inclusion and expand access to underserved populations, especially female-owned businesses.
Jacob Kholi, Chief Executive and Investment Officer at GIP Ghana emphasised the importance of this investment in empowering Ghana’s informal economy.
He noted, “Fido is pioneering digital financial inclusion through its innovative, data-driven lending model that efficiently and responsibly serves tens of thousands of unbanked Ghanaians.”
According to Mr. Kholi, 90% of Fido’s customers had no prior credit history before joining the platform, and 40% of customers take credit for business-related purposes, such as expansion or stock renewal.
This highlights Fido’s significant impact on small businesses, particularly those owned by women.
Fido’s CEO, Alon Eitan, highlighted the company’s commitment to financial empowerment through its digital lending platform.
“Our mission is to make financial services accessible. For the vast majority of our customers, it’s their first interaction with a financial institution. GIP Ghana’s investment support will accelerate our growth and allow us to effectively reach more underserved populations, especially micro-businesses, historically excluded from the formal banking sector,” said Mr. Eitan.
The investment will also allow Fido to expand its reach through FidoBiz, a credit product designed specifically for small and micro-entrepreneurs.
Mr. Eitan noted that these businesses are often unable to secure funding from traditional financial institutions due to lack of collateral or paperwork.
Fido’s digital loan model addresses these challenges by providing quick and hassle-free access to financing.
Eitan believes that coupling financial services with educational resources creates a stronger impact.
“By offering inclusive financial services alongside financial education, we are fostering economic opportunity while also strengthening users’ financial capabilities and resilience,” he added.
Kwabena Asante-Poku, Coverage Director for British International Investment, expressed excitement about the investment. “We are thrilled that GIP Ghana’s second investment will support the growth of Fido, a pioneering fintech company dedicated to expanding financial services to underserved communities in Ghana,” he said.
A Business Desk Report