Jacob Kholi<\/strong><\/p>\n\u00a0<\/p>\n
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.<\/p>\n
Jacob Kholi, Chief Executive and Investment Officer at GIP Ghana emphasised the importance of this investment in empowering Ghana\u2019s informal economy.<\/p>\n
He noted, \u201cFido is pioneering digital financial inclusion through its innovative, data-driven lending model that efficiently and responsibly serves tens of thousands of unbanked Ghanaians.\u201d<\/p>\n
According to Mr. Kholi, 90% of Fido\u2019s 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.<\/p>\n
This highlights Fido\u2019s significant impact on small businesses, particularly those owned by women.<\/p>\n
Fido\u2019s CEO, Alon Eitan, highlighted the company\u2019s commitment to financial empowerment through its digital lending platform.<\/p>\n
\u201cOur mission is to make financial services accessible. For the vast majority of our customers, it\u2019s their first interaction with a financial institution. GIP Ghana\u2019s 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,\u201d said Mr. Eitan.<\/p>\n
The investment will also allow Fido to expand its reach through FidoBiz, a credit product designed specifically for small and micro-entrepreneurs.<\/p>\n
Mr. Eitan noted that these businesses are often unable to secure funding from traditional financial institutions due to lack of collateral or paperwork.<\/p>\n
Fido\u2019s digital loan model addresses these challenges by providing quick and hassle-free access to financing.<\/p>\n
Eitan believes that coupling financial services with educational resources creates a stronger impact.<\/p>\n
\u201cBy offering inclusive financial services alongside financial education, we are fostering economic opportunity while also strengthening users\u2019 financial capabilities and resilience,\u201d he added.<\/p>\n
Kwabena Asante-Poku, Coverage Director for British International Investment, expressed excitement about the investment. \u201cWe are thrilled that GIP Ghana\u2019s second investment will support the growth of Fido, a pioneering fintech company dedicated to expanding financial services to underserved communities in Ghana,\u201d he said.<\/p>\n
A Business Desk Report<\/strong><\/p>\n\u00a0<\/p>\n
\u00a0<\/p>\n
\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Jacob Kholi \u00a0 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\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":219256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-219254","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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