How to apply for Fido Loan in Ghana

By | February 27, 2024
0 Comment

Fido is a fintech company that provides innovative lending solutions and other financial services and products to individuals in countries including Ghana. In Ghana, Fido is licensed as a tier 3 microfinance institution and regulated by the Bank of Ghana.

Through the Fido Solution app, Fido offers quick and convenient access to loans, allowing users to apply and receive funds directly into their Momo wallet or Bank account, which can be a lifesaver for people facing financial issues or seeking to fund personal projects.

With Fido, there is no paperwork, no long queues, and no collateral. All you need to do is download the Fido Solution app from the Play Store if you are an Android user and the Apple App Store if you use an iPhone. After that, you register, provide a few details, and get access to the loan you need. It’s simple, and we will guide you on how to apply for a Fido loan in Ghana.

How to Apply for Fido Loan in Ghana

To get a loan from Fido, follow the guidelines below:

  • Download the “Fido (Fido Solutions) App” from the Play Store or Apple App Store.
  • After Installing, Open the App on Your Phone and tap “Register.”
  • Enter your mobile number and wait for a six-digit code through SMS.
  • Enter the six-digit code in the space provided on the Fido app and proceed.
  • Set a four-digit security PIN code, which will be required anytime you log into the Fido (Fido Solution) app.
  • Re-enter the four-digit PIN code and tap “Verify PIN.”
  • Complete your identity verification to get started. Click on “Verify Your Identity” at the top.You will be required to provide details such as;– Your Photo
    – Your Ghana Card and
    – Your Home AddressClick ‘Next’ to provide the above information.
  • After successfully taking a photo of yourself, a photo of your Ghana card, and confirming your Ghana card number, tap “Next” to move to the next Page.
  • Fill in the Form that appears with the exact personal details on your Ghana card.– First name
    – Middle name (Optional)
    – Last name
    – Date of Birth
    – Gender
  • Click “Continue” and Fill in the Home Address Form.– Region
    – Municipality
    – Street Address or Landmark
    – GhanaPostGPS (Optional)
  • Tap “Submit” and move on to “Calculate your Fido score.”
  • Tap “Calculate Now” and go to your phone settings to allow Fido access to your contacts, Files and Media, SMS, Location, etc.
  • Return to the Fido app, and at “Apply for credit,” click on “Start now” and proceed to “Calculate now.”
  • Provide information on your details such as Relationship Status, School, etc.
  • After providing your details, provide your Email address and proceed.
  • Wait for Fido to calculate your Fido Score, and go to your mailbox and confirm the email sent by Fido.
  • Return to the Fido App and check your score.Please note: If your Fido score is below 499, you won’t get access to a loan. However, you can improve your Fido score by adding your financial information/adding more personal information.
  • If your score is at least “Good,” then you can proceed to get your Fido loan.

Read also: How to open a Bank account in Ghana

How much does Fido give on First Loan?

For first-time applicants who attain at least a good Fido score on the Fido (Fido Solution) app, Fido allows you to secure a credit limit of up to GH₵ 200.00.

What happens if I Don’t Pay my Loan?

For individuals who refuse to pay their loans on time, your repayment amount shall attract a daily penalty rate for each day the amount remains unpaid after the due date.

How to get the Fido Loan without the App

There is an alternative for persons who do not want to access a Fido Loan via the app. Fido has a USSD code *998# that you can dial on your phone and get a Fido loan.

After dialing the USSD code, you select register, and a link will be sent through SMS for you to download the app on Playstore or Apple App Store and apply for a Fido loan in Ghana, which means you will still have to download the Fido App.

However, you can access a Fido loan and other services using the Fido USSD code *998# if you are already a registered Fido account holder on the Fido (Fido Solution) app.

Fido Location in Ghana and Contact

In Ghana, Fido is located at Masida House, 25A Osu Avenue, Cantonments, Accra. For any inquiries, contact Fido using the number +23324243683 or via email at Info.gh@fido.money.