Fido: The Future of Financial Services in Africa

Frank Osei Nyarko
By Frank Osei Nyarko - NyarkoWiz 8 Min Read


In today’s fast-paced world, financial services are an essential part of our daily lives. Whether it’s managing personal finances or growing a business, having access to convenient and reliable financial solutions is crucial.

That’s where Fido comes in. Fido is a leading financial technology company licensed by the Bank of Ghana, Bank of Uganda, and the National Credit Regulator in South Africa.

With a mission to change the way individuals and entrepreneurs create, manage, and build wealth,

Fido offers a wide range of instant financial services that are designed to empower users and unlock their financial potential.

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Unlocking Opportunities for Growth

Fido believes in creating opportunities for growth in Africa. By providing innovative financial solutions, Fido aims to empower individuals and entrepreneurs to take control of their finances and build a prosperous future. Whether it’s access to business credit, savings, personal credit, or easy and cost-effective payments, Fido has got you covered. Let’s take a closer look at the key offerings from Fido:

1. Fido Business

Fido understands the challenges faced by businesses in Africa. That’s why they offer Fido Biz Loans, a solution designed to boost business growth. With Fido Biz Loans, entrepreneurs can access up to GHS 5,000 to move their businesses forward. Whether it’s expanding operations, investing in new equipment, or hiring additional staff, Fido Business loans provide the necessary financial support.

2. Fido Score

Building a strong financial track record is essential for unlocking improved offerings from Fido and their partners. Fido Score allows users to take control of their finances by building their financial track record. By taking actions to improve their Fido Score, individuals can unlock better financial products and services. Fido Score empowers users to make informed financial decisions and achieve their long-term goals.

3. Fido Savings

Preparing for the future is crucial, and Fido understands the importance of saving. With their high-interest savings product, individuals can put their money to work and build a secure financial foundation. Fido Savings offers attractive interest rates, allowing users to grow their savings over time.

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4. Personal Credit

Sometimes, unexpected expenses arise, and having access to credit can be a lifesaver. Fido offers instantly pre-approved GHC100-3,500 credit lines to meet the needs of individuals. The application process is fast, easy, simple, and transparent, ensuring that users can access the funds they require without unnecessary hassle.

5. Fido Payments

Making payments should be effortless, and that’s exactly what Fido Payments offers. Users can pay bills, purchase data, and airtime seamlessly through the Fido app. What’s more, each purchase made through Fido Payments contributes to improving the user’s Fido Score, unlocking even better financial offerings in the future.

6. Refer and Earn

At Fido, they believe in the power of community. That’s why they offer a refer and earn program, allowing users to spread the word and invite friends and family to join the Fido community. By doing so, users can earn rewards and contribute to the growth of the Fido network.

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Getting Started with Fido

Signing up for Fido is quick and easy. Here’s a step-by-step guide to get started:

  1. Download the Fido App from the Google Play Store.
  2. Register your account by providing the necessary details.
  3. Confirm your identity with a valid ID, such as your NIN or Ghana Card, and provide your address.
  4. Please note that you must be over the age of 18 to sign up for Fido.
  5. Complete the Fido Score assessment to start building your financial track record.
  6. For businesses, provide your business information to access Fido Biz Loans.
  7. Minimum repayment period is 90 days, and the maximum repayment period is 180 days.
  8. Fido accepts payments through MTN, AT, and Vodafone Mobile Money wallets.

Repayment Options

Repaying your Fido credit is hassle-free. Here are the available repayment options:

  1. Log into the Fido App, select the ‘Make a Payment’ button, and follow the prompts to repay your credit.
  2. Alternatively, you can dial *998# to initiate the repayment process.
  3. If you prefer other options, such as using the MTN, AirtelTigo, or Vodafone menus, you can find the repayment process in the Fido App’s ‘Help’ section.

Ensuring Your Security

While Fido aims to provide convenient and accessible financial services, it’s important to stay vigilant and protect yourself from fraudsters. Here are some essential precautions to keep in mind:

  • Don’t pay any deposits to agents as Fido is a 100% mobile app.
  • Only use your own mobile money number for transactions.
  • Avoid using someone else’s Ghana Card for registration.
  • Don’t apply for Fido credit on behalf of someone else.

Understanding the Terms

It’s important to understand the terms and conditions associated with Fido’s personal credit and business loans. Fido’s offerings are intended to assist individuals and entrepreneurs with their everyday financial needs and not to service long-term debt obligations. The maximum Annual Percentage Rate (APR) for the highest loan amount is 70%, based on an interest rate of 0.299% per day. Additionally, a processing fee of 26 GHS and a Deductible Commitment fee of 1.4% apply to each credit transaction.

Here’s a representative example to illustrate the repayment process:

A borrower receives a 3,500 GHS credit for a 180-day term. The interest rate is 0.299% per day, resulting in an interest payment of 1,203 GHS over 180 days. A processing fee of 26 GHS is also applicable, bringing the total repayment to 4,729 GHS. Additionally, a deductible commitment fee of 1.4% is applied, with 49 GHS deducted from the principal amount.

In summary, the total payment can be calculated as follows:

3,500 GHS (borrowed amount) – 49 GHS (commitment fee) + 1,203 GHS (interest) + 26 GHS (processing fee) = 4,729 GHS (total payment)

Borrowers also have the flexibility to make early repayments at any point, which may reduce the overall interest amount.

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Your Privacy Matters

At Fido, the privacy and confidentiality of your personal information and data are of utmost importance. Fido is certified by the Data Protection Commission and holds an ISO 27001 certification, ensuring that your information is handled securely. For more details, you can refer to Fido’s privacy policy statement here.


Fido is revolutionizing the financial services landscape in Africa by providing individuals and entrepreneurs with convenient and accessible solutions.

From business loans to personal credit, savings, and easy payments, Fido offers a comprehensive suite of services designed to empower users and unlock their financial potential.

With Fido, taking control of your finances and building a prosperous future is within reach. Download the Fido App today and embark on your financial journey with confidence.

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