FIDO urges customers to look out for licenced lenders when accessing digital loans

Fido, the leading online financial services company which prides itself in empowering individuals and entrepreneurs to capture opportunities in the country, has reiterated its position as one of the top licensed online lending app in Ghana.

Licensed by the Bank of Ghana and certified by the Data Protection Commission of Ghana, Fido has an enviable track record of providing safe, innovative, inclusive, and easy access to loans. 

Fido joins the call from the Bank of Ghana and the Data Protection Commission of Ghana to caution the public from unlicensed lending applications and offers advice and guidance on how to choose a lending partner.

“As Fido remains committed to fostering financial literacy and responsible lending practices, Fido is excited to announce the upcoming 2nd edition of FIDO Money Matters, an initiative aimed at improving financial literacy. This edition will focus on the rights of borrowers as well as how to protect personal information” said Solomon Agbemenya, Head of Business Development.

“We also want to share key considerations before applying for an online Loan. This includes researching on whether a potential lender is licensed by the Bank of Ghana, reading the terms and conditions of the financial service provider, and having a clear understanding of their interest and fees. 

In addition, customers should find out if a lender has strong data protection and security measures like a privacy policy that spells out how their data will be used; be on the lookout for lenders who ask you money before giving out loans and also read reviews and customer experiences about reputation, customer service and overall experiences.”

Since it began operations in Ghana, Fido has served over half a million customers and has distributed about 3 million loans. 

Built on advanced technology that enables fast, easy access to financial services, Fido’s financial platform and unique machine learning model make instant credit decisions – even for customers with no financial record while reducing operating operational costs. 

The company recently introduced Fido Score, which shifts power back to customers by empowering them to build and maintain a digital financial track record. The score helps individuals and entrepreneurs take control of their finances and adopt smart financial habits. 

Getting the Fido App is very easy. Just download the Fido App from the Google Play or Apple store, register your details to create your account and follow all the needed guidelines to successfully apply for your first loan. 

Fido emphasizes that it will not request money from customers before granting a loan, does not ask customers to call any phone number to apply for loans, and highlights that the official Fido Facebook and Twitter pages are verified. Additionally, Fido clarifies that it is not present on Telegram, does not send WhatsApp messages, and establishes that *998# is the official Fido shortcode. These measures aim to ensure that everyone is safe and doesn't fall for scammers who pretend to be Fido.