Fido Ghana, a digital financial services provider, has secured US$5.5 million in debt financing to expand its lending portfolio, digital infrastructure enhancement, and platform scaling.
Founded in 2014, Fido Ghana operates in Ghana and Uganda, providing digital financial services, including instant loans, savings, and microinsurance through a mobile platform.
The company uses a proprietary AI model called Fido Score that analyses alternative data including mobile phone usage patterns and transaction behaviors to assess credit risk for individuals and MSMEs without traditional credit histories.
The US$5.5 million debt investment came from the Regional MSME Investment Fund for Sub-Saharan Africa (REGMIFA), managed by Swiss-based impact investment manager Symbiotics.
The proceeds will support expansion of Fido Ghana’s lending portfolio, digital infrastructure enhancement, and platform scaling, according to company statements.
