The International Finance Corporation (IFC) is considering a US$10-million equity investment in Fido Solutions, a fintech company that provides fast and easy short-term loans to artisans, micro-entrepreneurs and small-to-medium enterprises set for growth. The company is based in Ghana and has funded over 1.3-million loans to over 330,000 clients with a current loan book estimated at US$87-million. The funding will be used to expand into new regions in Africa. The largest shareholders are TLcom and the Edry family. The stake being considered to be acquired by IFC was not disclosed.
IFC is the finance provider of the World Bank with more than 60 years of experience in unlocking private investment and therefore delivering more than $285-billion in financing for businesses in developing countries. This investment in Fido Solution reflects its deep connections with the private sector in Ghana.