GIP partners Fido to deepen financial inclusion

Growth Investment Partners (GIP) Ghana LTD, an investment platform established by British International Investment (BII) has partnered Fido Micro Credit LTD to deepen financial inclusion in Ghana.

GIP is doing this by investing in Fido to further empower many Ghanaians - particularly the youth and populations that have been traditionally excluded, through Fido’s innovative digital loan model. 

GIP, a Ghanaian investment platform licensed by Ghana’s Security and Exchange Commission, provides long-term, flexible capital, predominantly in local currency, to small and medium-sized enterprises (SMEs). GIP aims to bridge the financing gap for Ghanaian SMEs which are critical to promoting sustainable economic growth.

This investment will empower Fido to further expand its reach to underserved segments of the population, who have limited access to traditional financial services. It is the second successful investment by GIP since its launch in 2023.

Commenting on the partnership, Chief Executive and Investment Officer of GIP Ghana, Jacob Kholi said Fido was pioneering digital financial inclusion through its innovative, data-driven lending model that efficiently and responsibly serves tens of thousands of unbanked Ghanaians.

“We are excited to partner with a financial institution that is harnessing technology to unlock economic opportunity for the informal sector and promote sustainable, inclusive growth,” he said.

The CEO of Fido Solutions, Alon Eitan, also added that economic impact was crucial to Fido, noting that its mission was to make financial services accessible 

He said GIP Ghana’s investment support would accelerate its growth and allow it to effectively reach more underserved populations, especially micro businesses, who have been historically excluded from the formal banking sector.

“By coupling inclusive financial services with financial educational resources, we are fostering economic opportunity while also strengthening users' financial capabilities and resilience. GIP Ghana's support will be instrumental in amplifying this holistic approach,” he said.

For his part, the Coverage Director of Ghana, British International Investment, Kwabena Asante-Poku, said as the UK’s development finance institution, its goal in establishing GIP Ghana was to support the growth ambitions of businesses in Ghana by providing long-term flexible capital.

“We are thrilled that GIP Ghana’s second investment will support the growth of Fido, a pioneering fintech company dedicated to expanding financial services to underserved communities in Ghana,” he stated.

Over GH₵3billion disbursed

Since its inception in 2014, Fido has disbursed over GH₵3 million micro loans to approximately 700,000 customers – primarily low-income workers, micro-businesses, and individual entrepreneurs.

With its instant loans, Fido's affordable digital credit fills a vital need for flexible, accessible financing.

The company has a strong focus on promoting financial empowerment. To this end, over 70 per cent of Fido's borrowers earn less than US$150 per month, with 20 per cent living on less than US$2 per day.

Additionally, 40 per cent of loans Fido disburses are to female borrowers. Through the Fido app, borrowers access financial tips, guides, and webinars to build their credit profile and qualify for larger loans with better pricing over time.

Ghana is seeing booming adoption of mobile money and digital financial services, with over 22 million mobile money accounts and nearly 7 billion in annual transaction volumes, with GH₵18.3 billion held in mobile money wallets.

Fintech innovators like Fido are well-positioned to capitalize on this market opportunity and drive greater digital financial inclusion nationwide.