Fido is a microloan company in Ghana that processes loan requests through a mobile application. As a microloan provider, Fido faces catcash loan app many challenges, not the least of which is the fact that the people who use its services are often illiterate and are unfamiliar with smartphones. To tackle these problems, the Fido team held a workshop to identify the pain points that customers had when requesting a loan. They also interviewed customer support representatives and gathered feedback from users.
FIDO offers loans to individuals in a variety of amounts. Unlike traditional loans, Fido loans don’t have upfront fees. Subscribers are only charged a processing fee, which is disclosed to them prior to approving the loan, and they have to pay this fee after they have repaid their loan. Additionally, a subscriber can only have one loan at a time, and they must pay off their previous loan before applying for another one. Unlike traditional lenders, Fido allows subscribers to borrow up to 600 GHS, and money is instantly deposited into their mobile wallet.
Fido is a registered company and licensed by the Bank of Ghana. However, the Bank of Ghana should take steps to recall Fido’s license and intervene directly with the company to ensure that their customers are given sufficient time to pay back their loan. The bank should also direct Fido to offer a three-month grace period to their customers.