The German Development Finance Institution (DEG), a member of KfW Group, has provided a €500,000 support to FIDO Money Lending Limited to be able to promote financial inclusion for vulnerable consumers.
A statement from FIDO, copied to the Ghana News Agency said the funds were being provided within the framework of DEG’s Up-Scaling Programme.
This is to support FIDO’s expanding digital micro-lending product in Ghana for consumers and micro-entrepreneurs without access to financial services.
“We are proud to partner with DEG and pleased to have been selected for the Up-Scaling Programme. Over the last three years, FIDO has developed a revolutionary product and provided tens of thousands of individuals’ simple access to credit through mobile devices,” Gadi Regev, FIDO General Manager, was quoted as saying.
“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,” he added.
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, the statement said.
Using data provided by the applicants, FIDO analyses 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 to ensure transparent, fair, and prudent financial services for all clients.