FIDO Money Lending Limited (FIDO), an innovative digital-first financial institution based in
Accra, Ghana, received funding to the amount of 500,000 Euro from the German development finance institution, DEG, a member of KfW Group.
These funds are being provided within the framework of DEG’s Up-Scaling Programme to support FIDO’s expanding digital microlending product in Ghana for consumers and micro-entrepreneurs without access to financial services.
FIDO’s cutting-edge risk analytics platform provides access to credit in a seamless,
convenient mobile experience.
“We are proud to partner with DEG and pleased to have been selected for the Up-Scaling
Programme. Over the last 3 years, FIDO has developed a revolutionary product and provided tens of thousands of individuals simple access to credit through mobile devices.”
According to Gadi Regev, FIDO General Manager, “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.”
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 financial sector in Ghana typically requires collateral, guarantors and lengthy application procedures for this segment.
Using data provided by the applicants, FIDO analyzes creditworthiness within
seconds and provides applicants with an immediate credit decision, without collateral or
In line with its mission to support consumer protection and industry best practices, FIDO
endorses and contributes to the SMART campaign principles to ensure transparent, fair, and prudent financial services for all clients.