In order to increase its lending portfolio, improve its digital infrastructure, and scale its platforms, Fido Ghana, a provider of digital financial services, has obtained US $5.5 million in debt financing.
Fido Ghana was established in 2014 and operates in Ghana and Uganda, offering digital financial services via a mobile platform, such as instant loans, savings accounts, and microinsurance.
To evaluate credit risk for individuals and MSMEs without traditional credit histories, the company employs a proprietary AI model called Fido Score that examines alternative data, such as mobile phone usage patterns and transaction behaviours.
The Regional MSME Investment Fund for Sub-Saharan Africa (REGMIFA), which is run by the Swiss impact investment firm Symbiotics, provided the US $5.5 million debt investment.
According to company statements, the proceeds will help Fido Ghana expand its lending portfolio, improve its digital infrastructure, and scale its platform.
