The United Nations Capital Development Fund (UNCDF) has committed a $200,000 grant to FIDO to expand digital financial services for women and youth-led micro, small and medium-sized enterprises across Ghana.
The funding marks 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 move FIDO’s digital finance solutions from pilot testing into wider market deployment.
From research to digital financial products
FIDO entered the programme in 2025 as one of five financial service providers selected to develop digital solutions for underserved MSMEs. During the first phase, FIDO received a $30,000 grant for research and prototype development. The company conducted field research across the Western, Ashanti and Northern regions, engaging 470 MSMEs through focus groups and interviews.
The research examined how women- and youth-led businesses manage money, access financial services and experience barriers to formal finance. The findings informed changes to FidoBiz, including the removal of formal business documentation requirements designed to make credit more accessible to informal businesses.
FIDO also opened EasySave to the public and expanded access to Fido Academy’s learning management system. Together, Fido Credit, EasySave and Fido Academy formed the core of the first-phase intervention.
$200,000 grant targets $1 million in finance
Under the second phase, UNCDF will provide FIDO with $200,000 to scale the solutions. The programme expects the funding to catalyse approximately $1 million in loans and savings. The grant follows a 1:4 leverage model, meaning UNCDF expects each dollar deployed through the programme to catalyse at least four additional dollars.
For FIDO, the next challenge is scale. UNCDF has urged the company to extend its reach into underserved communities, particularly in northern Ghana, and ensure more women and young entrepreneurs gain access to savings and credit.
FIDO’s first phase results
FIDO says the first phase generated measurable results among young entrepreneurs. The company reported 1,988 youth loans disbursed, worth a combined GHS 494,760. It also opened 1,762 new youth savings accounts, with a total savings portfolio of GHS 382,040.
FIDO also supported the CPI project in Wa in Ghana’s Upper West Region, targeting young entrepreneurs in the northern part of the country.
Why digital finance matters for informal businesses
For many small businesses, the problem is not only the cost of finance. Traditional lending requirements also create barriers for businesses without formal documentation, collateral or established financial records. FIDO’s model seeks to address part of this gap through digital financial services.
The wider Joint SDG Fund programme is built around digital transformation and financial inclusion for MSMEs. Its work combines policy, digital platforms and financial products to improve the ability of underserved businesses to access and use financial services.
The partnership between UNCDF and FIDO therefore moves beyond another lending programme. The focus is on testing financial products with underserved businesses, refining them through market research and then using catalytic funding to take successful solutions to a larger market.
For Ghana’s women and young entrepreneurs, the next test will be whether these digital products translate into sustained access to capital, savings and financial knowledge at scale.