Business News of Tuesday, 13 March 2018
Source: Lydia Dada
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 micro-lending 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 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.
About FIDO Money Lending: Fido Money Lending Limited (FIDO) is a financial institution based in Accra, Ghana and licensed by Bank of Ghana. Operating since 2014, FIDO is the leader in digital finance in Ghana, offering convenient and accessible micro-lending services through a mobile application. For more information, visit www.fidocredit.com
About DEG: The mission of DEG is to promote business initiatives in developing and emerging market countries as a contribution to sustainable growth and improved living conditions of the local population. DEG finances innovative pioneering investments of small and medium-sized enterprises (SMEs) through its Up-Scaling Programme. For more information, visit https://www.deginvest.de/International-financing/DEG/
For media inquiries please contact:
FIDO Money Lending Limited
Tel: +233 302764805
Email: [email protected]