The United Nations Capital Development Fund (UNCDF) has committed $200,000 to help FIDO expand digital financial services for women and youth-led micro, small and medium-sized enterprises (MSMEs) in Ghana, with the new funding set to unlock greater access to loans and savings.
The funding will support the second phase of a partnership under the Joint SDG Fund Programme on Leveraging Digital Ecosystems for Increased MSME Productivity. The programme brings together UNCDF, the United Nations Development Programme (UNDP), the United Nations Conference on Trade and Development (UNCTAD) and Ghana’s Ministry of Trade, Agribusiness and Industry.
The new phase will allow FIDO to move its digital finance solutions from pilot testing into wider market deployment. The focus will be on reaching more underserved businesses and improving their access to financial services.
From research to practical financial solutions
FIDO joined the programme in 2025 as one of five financial service providers selected to develop digital solutions for underserved MSMEs. During the first phase, the company received a $30,000 grant for research and prototype development.
FIDO conducted field research across the Western, Ashanti and Northern regions. It engaged 470 MSMEs through focus groups and interviews to understand how women and young business owners manage their money, access financial services and experience barriers to formal finance.
The findings were used to improve FidoBiz. One key change was the removal of formal business documentation requirements. This was aimed at making credit more accessible to informal businesses that may not have the documents required by traditional lenders.
FIDO also opened EasySave to the public and expanded access to the Fido Academy learning management system. Fido Credit, EasySave and Fido Academy formed the core of the first-phase intervention.
The initial results showed demand for these services among young entrepreneurs. FIDO reported that 1,988 youth loans were disbursed during the first phase, with a combined value of GHS 494,760. It also opened 1,762 new youth savings accounts, with a total savings portfolio of GHS 382,040.
FIDO further supported the CPI project in Wa in Ghana’s Upper West Region. The project targeted young entrepreneurs in northern Ghana, where access to financial services remains an important challenge for small businesses.
New funding targets $1 million in finance
Under the second phase, UNCDF will provide FIDO with $200,000 to scale its digital finance solutions. The programme expects the funding to catalyse approximately $1 million in loans and savings through a 1:4 leverage model. This means each dollar deployed through the programme is expected to catalyse at least four additional dollars.
UNCDF has encouraged FIDO to extend its reach into underserved communities, particularly in northern Ghana. The goal is to ensure that more women and young entrepreneurs can access savings and credit to support their businesses.
For many informal businesses, the challenge is not only the cost of finance. Requirements for formal documentation, collateral and established financial records can also prevent entrepreneurs from accessing traditional lending.
FIDO’s digital model is designed to address some of these barriers by making financial products more accessible to businesses that are often excluded from formal finance.
The wider Joint SDG Fund programme focuses on digital transformation and financial inclusion for MSMEs. It combines policy support, digital platforms and financial products to help underserved businesses improve their productivity and access to finance.
The partnership therefore goes beyond providing loans. It involves testing financial products with businesses, using research to improve them and then using catalytic funding to take successful solutions to a wider market.
