Ghana’s District Assemblies Common Fund (DACF) and Singapore-based Embed Financial Group Holdings (EFGH) unveiled a strategic partnership to build what they call Africa’s first “Finternet”, a digital financial network designed to connect governments, communities, and enterprises through payments, credit, and insurance services.
The initiative aims to empower Ghana’s district assemblies and local governments with a technology platform that facilitates transactions among government, citizens, and businesses, integrates micro-insurance, and introduces innovative revenue-generation models for local development. Under the partnership, the DACF will oversee implementation to align with Ghana’s decentralisation goals, while EFGH will contribute its expertise in fintech infrastructure and embedded finance.
Key components highlighted in the announcement include:
- Digital financial rails to facilitate government-to-citizen and business-to-business transactions across Ghana’s districts.
- Integrated microinsurance and SME protection programs built directly into the platform.
- Green data-centre infrastructure powered by hydro and solar energy to support the Finternet network.
- Financial literacy and digital inclusion initiatives targeting citizens and small business owners.
DACF Administrator Harry Yamson stated that the partnership will “enhance Ghana’s ability to mobilize funds and expand financial inclusion for citizens and small businesses in rural areas.”
EFGH Executive Chairman Dennis Ng described the collaboration as “a defining moment—evidence that innovation and trust can unite to foster shared prosperity,” affirming the Singapore-based group’s dedication to applying its digital-finance expertise within the African landscape.
The partnership showcases a South–South cooperation model that combines Ghana’s decentralisation framework with Singapore’s expertise in digital governance and embedded finance. It is projected to generate local employment, enhance transparency in public fund management, and strengthen support for local SMEs through integrated digital services.
Although the financial terms of the joint venture remain undisclosed, the announcement outlines a roadmap for implementation across Ghana’s district assemblies, with upcoming phases centred on pilot launches and expansion of the digital infrastructure.
SOURCE