Founded in 2013 by Nadav Topolski, Tomer Edry, and Nir Zepkowitz, Fido provides mobile loans of up to $250 to individuals and small businesses in Ghana. The loans can be repaid in single or multiple installments over a six-month period.
With the fresh capital, Fido aims to expand its offerings by introducing savings and payment products by the end of the year. The company is also preparing to enter Uganda as its second market, marking a key step in its broader expansion plans across Africa. To support its growth, Fido is opening a second research and development center in Accra, complementing its existing branch in Israel, and advancing its automation efforts to drive long-term sustainability.
Fido’s CEO, Alon Eitan, explained the decision to focus on lending: “We’ve identified a market segment, mostly small entrepreneurs, who don’t have access to traditional banking systems. We see an opportunity to offer these customers fully digital, easy-to-use savings products.”
The new savings products will allow customers to deposit funds via mobile money, cards, or even cash, while benefiting from attractive returns. Fido also plans to introduce a payments product that will integrate with existing payment systems, promoting interoperability across the various payment platforms emerging in Africa.
Fido’s account setup process is designed to be seamless, allowing customers to complete digital registration in just 10 minutes. Users upload headshots and identification documents, which are verified through Fido’s image recognition technology and checked against databases to prevent fraud.
Eitan highlighted Fido’s use of advanced credit-scoring technologies to assess borrowers and manage default risks. “We’ve achieved low single-digit default rates, which is rare in this space, thanks to our machine learning models. We currently operate more than three risk models and are developing a fourth one, in addition to models focused on fraud prevention.”
Since its launch, Fido has disbursed over $1.5 million in loans to 350,000 customers in Ghana, with plans to significantly increase this figure as it enters Uganda and other African markets. “Uganda shares many similarities with Ghana, including regulatory frameworks and mobile penetration. With around nine million mobile accounts in Uganda, it’s a large and mature market that aligns perfectly with our services,” Eitan added.
Yochai Hacohen, a partner at Fortissimo Capital, expressed confidence in Fido’s growth trajectory, stating, “We are impressed by Fido’s ability to underwrite customers instantly while maintaining sustainable business economics. Their use of disruptive technologies offers a truly differentiated solution in the fintech space.”
With its innovative approach and ambitious expansion plans, Fido is positioning itself as a leading player in Africa’s rapidly evolving digital financial landscape.ix