Fido is planning to add savings and payment products to its portfolio later in 2022, and to enter Uganda, its second market, as it prepares to expand to more regions across the continent. The fintech is also set to open its second research and development center in Ghana’s capital, Accra, which will augment its Israel branch, to help it automate most of its operations to ensure sustainability in the long-term.
Fido gives mobile loans of up to USD 250 to individuals and small businesses. The loans are repayable through single or multiple installments for a period of up to six months. The fintech relies on credit-scoring technologies to determine the amount it can lend to borrowers.
For registration, customers are required to upload their headshots and copies of their identity cards, which are then validated by Fido’s image recognition model, and checked against existing databases.
Fido is backed by a team of 65 employees who include digital debt collectors.
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